{"id":"https://openalex.org/W1573394196","doi":"https://doi.org/10.1080/01603477.2015.1049925","title":"The shadow banking system and the new phase of the money manager capitalism","display_name":"The shadow banking system and the new phase of the money manager capitalism","publication_year":2015,"publication_date":"2015-05-19","ids":{"openalex":"https://openalex.org/W1573394196","doi":"https://doi.org/10.1080/01603477.2015.1049925","mag":"1573394196"},"language":"en","primary_location":{"id":"doi:10.1080/01603477.2015.1049925","doi":"https://doi.org/10.1080/01603477.2015.1049925","is_oa":false,"landing_page_url":"https://doi.org/10.1080/01603477.2015.1049925","pdf_url":null,"source":{"id":"https://openalex.org/S151404345","display_name":"Journal of Post Keynesian Economics","issn_l":"0160-3477","issn":["0160-3477","1557-7821"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-b","anvur-class-a","anvur-scientific","cwts-core","jufo-1","norway-1","poland-70","russia-white-list-2"],"host_organization":"https://openalex.org/P4310320547","host_organization_name":"Taylor & Francis","host_organization_lineage":["https://openalex.org/P4310320547","https://openalex.org/P4310320449"],"host_organization_lineage_names":["Taylor & Francis","Informa"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Post Keynesian Economics","raw_type":"journal-article"},"volume":null,"type":"article","is_traditional":true,"indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5076947734","display_name":"Daniela Magalh\u00e3es Prates","orcid":"https://orcid.org/0000-0001-9408-8768","observed_orcids":["https://orcid.org/0000-0001-9408-8768","https://orcid.org/0000-0003-3383-5736"]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Daniela M. Prates","raw_affiliation_strings":["View further author information"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"View further author information","institution_ids":[]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5057844067","display_name":"Maryse Farhi","orcid":"https://orcid.org/0000-0003-1475-8595","observed_orcids":["https://orcid.org/0000-0003-1475-8595"]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Maryse Farhi","raw_affiliation_strings":["View further author information"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"View further author information","institution_ids":[]}]}],"institutions":[],"countries_distinct_count":0,"institutions_distinct_count":0,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":3.6335,"has_fulltext":false,"cited_by_count":19,"citation_normalized_percentile":{"value":0.92732965,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":88,"max":97},"biblio":{"volume":"37","issue":"4","first_page":"568","last_page":"589"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10127","display_name":"Banking stability, regulation, efficiency","score":0.5449000000953674,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10127","display_name":"Banking stability, regulation, efficiency","score":0.5449000000953674,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11742","display_name":"Economic Theory and Policy","score":0.32739999890327454,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T14154","display_name":"finance, banking, and market dynamics","score":0.05249999836087227,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/shadow-banking","display_name":"shadow banking","score":0.824999988079071},{"id":"https://openalex.org/keywords/money-manager-capitalism","display_name":"money manager capitalism","score":0.9959999918937683},{"id":"https://openalex.org/keywords/post-keynesian-economics","display_name":"post-Keynesian economics","score":0.7450000047683716},{"id":"https://openalex.org/keywords/money-creation","display_name":"money creation","score":0.5590000152587891},{"id":"https://openalex.org/keywords/financial-intermediation","display_name":"financial intermediation","score":0.75},{"id":"https://openalex.org/keywords/securitization","display_name":"securitization","score":0.890999972820282},{"id":"https://openalex.org/keywords/credit-derivatives","display_name":"credit derivatives","score":0.9990000128746033},{"id":"https://openalex.org/keywords/credit-risk-transfer","display_name":"credit risk transfer","score":0.5870000123977661},{"id":"https://openalex.org/keywords/credit-crunch","display_name":"credit crunch","score":0.7110000252723694},{"id":"https://openalex.org/keywords/systemic-financial-crises","display_name":"systemic financial crises","score":0.9139999747276306},{"id":"https://openalex.org/keywords/non-bank-financial-institutions","display_name":"non-bank financial institutions","score":0.7200000286102295},{"id":"https://openalex.org/keywords/financial-innovation","display_name":"financial innovation","score":0.47699999809265137}],"concepts":[{"id":"https://openalex.org/C2777910564","wikidata":"https://www.wikidata.org/wiki/Q694563","display_name":"Collateral","level":2,"score":0.7132247090339661},{"id":"https://openalex.org/C2781151444","wikidata":"https://www.wikidata.org/wiki/Q962143","display_name":"Shadow banking system","level":3,"score":0.6975573897361755},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.6920494437217712},{"id":"https://openalex.org/C2776736093","wikidata":"https://www.wikidata.org/wiki/Q13576850","display_name":"Money creation","level":4,"score":0.6170930862426758},{"id":"https://openalex.org/C2780619108","wikidata":"https://www.wikidata.org/wiki/Q852175","display_name":"Securitization","level":2,"score":0.6081284880638123},{"id":"https://openalex.org/C73283319","wikidata":"https://www.wikidata.org/wiki/Q1416617","display_name":"Financial system","level":1,"score":0.5557088255882263},{"id":"https://openalex.org/C514928085","wikidata":"https://www.wikidata.org/wiki/Q6206","display_name":"Capitalism","level":3,"score":0.5554434657096863},{"id":"https://openalex.org/C180879305","wikidata":"https://www.wikidata.org/wiki/Q590998","display_name":"Credit crunch","level":2,"score":0.5376732349395752},{"id":"https://openalex.org/C65146658","wikidata":"https://www.wikidata.org/wiki/Q1416431","display_name":"Financial intermediary","level":2,"score":0.4977751076221466},{"id":"https://openalex.org/C2778300220","wikidata":"https://www.wikidata.org/wiki/Q114380","display_name":"Financial crisis","level":2,"score":0.46703264117240906},{"id":"https://openalex.org/C2777064627","wikidata":"https://www.wikidata.org/wiki/Q3151423","display_name":"Financial innovation","level":2,"score":0.4444296061992645},{"id":"https://openalex.org/C117797892","wikidata":"https://www.wikidata.org/wiki/Q286363","display_name":"Shadow (psychology)","level":2,"score":0.4387870728969574},{"id":"https://openalex.org/C183206440","wikidata":"https://www.wikidata.org/wiki/Q46834","display_name":"Balance sheet","level":2,"score":0.42534297704696655},{"id":"https://openalex.org/C148901597","wikidata":"https://www.wikidata.org/wiki/Q844541","display_name":"Subprime mortgage crisis","level":3,"score":0.41699764132499695},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.3999727666378021},{"id":"https://openalex.org/C183582576","wikidata":"https://www.wikidata.org/wiki/Q184783","display_name":"Market liquidity","level":2,"score":0.3904077708721161},{"id":"https://openalex.org/C126285488","wikidata":"https://www.wikidata.org/wiki/Q178476","display_name":"Monetary policy","level":2,"score":0.31624364852905273},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.2895753085613251},{"id":"https://openalex.org/C165556158","wikidata":"https://www.wikidata.org/wiki/Q83937","display_name":"Keynesian economics","level":1,"score":0.25249183177948},{"id":"https://openalex.org/C2992735868","wikidata":"https://www.wikidata.org/wiki/Q66344","display_name":"Central bank","level":3,"score":0.09705129265785217},{"id":"https://openalex.org/C17744445","wikidata":"https://www.wikidata.org/wiki/Q36442","display_name":"Political science","level":0,"score":0.0},{"id":"https://openalex.org/C94625758","wikidata":"https://www.wikidata.org/wiki/Q7163","display_name":"Politics","level":2,"score":0.0},{"id":"https://openalex.org/C15744967","wikidata":"https://www.wikidata.org/wiki/Q9418","display_name":"Psychology","level":0,"score":0.0},{"id":"https://openalex.org/C199539241","wikidata":"https://www.wikidata.org/wiki/Q7748","display_name":"Law","level":1,"score":0.0},{"id":"https://openalex.org/C542102704","wikidata":"https://www.wikidata.org/wiki/Q183257","display_name":"Psychotherapist","level":1,"score":0.0}],"mesh":[],"locations_count":2,"locations":[{"id":"doi:10.1080/01603477.2015.1049925","doi":"https://doi.org/10.1080/01603477.2015.1049925","is_oa":false,"landing_page_url":"https://doi.org/10.1080/01603477.2015.1049925","pdf_url":null,"source":{"id":"https://openalex.org/S151404345","display_name":"Journal of Post Keynesian Economics","issn_l":"0160-3477","issn":["0160-3477","1557-7821"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-b","anvur-class-a","anvur-scientific","cwts-core","jufo-1","norway-1","poland-70","russia-white-list-2"],"host_organization":"https://openalex.org/P4310320547","host_organization_name":"Taylor & Francis","host_organization_lineage":["https://openalex.org/P4310320547","https://openalex.org/P4310320449"],"host_organization_lineage_names":["Taylor & Francis","Informa"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Post Keynesian Economics","raw_type":"journal-article"},{"id":"pmh:oai:RePEc:mes:postke:v:37:y:2015:i:4:p:568-589","doi":null,"is_oa":false,"landing_page_url":"http://hdl.handle.net/10.1080/01603477.2015.1049925","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"}],"best_oa_location":null,"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":25,"referenced_works":["https://openalex.org/W135748159","https://openalex.org/W238359584","https://openalex.org/W578493940","https://openalex.org/W1480526195","https://openalex.org/W1537543935","https://openalex.org/W1552094503","https://openalex.org/W1593182651","https://openalex.org/W1595738304","https://openalex.org/W1984416244","https://openalex.org/W2125058066","https://openalex.org/W2131774414","https://openalex.org/W2143530879","https://openalex.org/W2147882874","https://openalex.org/W2161280218","https://openalex.org/W2171415303","https://openalex.org/W2188262538","https://openalex.org/W2556507681","https://openalex.org/W2561027524","https://openalex.org/W2954198881","https://openalex.org/W3121981913","https://openalex.org/W3122645350","https://openalex.org/W3124216257","https://openalex.org/W3124258704","https://openalex.org/W3125424379","https://openalex.org/W4233733129"],"related_works":["https://openalex.org/W3122645350","https://openalex.org/W2918505646","https://openalex.org/W2138288174","https://openalex.org/W7024680191","https://openalex.org/W7204883604","https://openalex.org/W3199025553","https://openalex.org/W6986014831","https://openalex.org/W3198759995","https://openalex.org/W2992377740","https://openalex.org/W7112207625"],"abstract_inverted_index":{":The":[0],"conventional":[1],"definition":[2],"of":[3,13,35,51,61,85,92,110,153,170,179,187],"the":[4,14,20,25,32,42,52,57,83,86,111,161,165,177,185,204],"shadow":[5],"banking":[6],"system":[7,166],"(SBS)":[8],"put":[9],"forward":[10],"by":[11,19,67,156],"economists":[12],"Federal":[15],"Reserve":[16],"and":[17,24,70,132,159],"endorsed":[18],"Financial":[21],"Stability":[22],"Board":[23],"International":[26],"Monetary":[27],"Fund":[28],"is":[29,80,196],"based":[30],"on":[31,56,82],"mainstream":[33],"view":[34],"banks":[36,137],"as":[37,74,113],"mere":[38],"financial":[39,106,129,171,201],"intermediaries.":[40],"On":[41],"contrary,":[43],"this":[44],"article":[45],"proposes":[46],"a":[47,89,168,180,199],"post":[48],"Keynesian":[49],"approach":[50],"SBS":[53,112],"that":[54,81,135],"focuses":[55],"banks\u2019":[58,122],"key":[59],"role":[60],"creating":[62],"money":[63,93,100],"ex":[64],"nihilo,":[65],"highlighted":[66],"Schumpeter,":[68],"Keynes,":[69],"their":[71,143],"followers,":[72],"such":[73],"Minsky.":[75],"The":[76],"hypothesis":[77],"argued":[78],"here":[79],"threshold":[84],"twenty-first":[87],"century":[88],"new":[90],"phase":[91],"manager":[94],"capitalism":[95],"emerged,":[96],"in":[97,117,147,164,203],"which":[98],"many":[99],"managers":[101],"along":[102],"with":[103,193],"other":[104],"nonbanking":[105],"institutions":[107],"became":[108],"members":[109],"they":[114,173],"took":[115],"part":[116],"credit":[118,133,182],"risk":[119],"withdrawals":[120],"from":[121,142],"balance":[123,144],"sheets.":[124],"This":[125],"was":[126],"done":[127],"through":[128],"innovations":[130],"(securitization":[131],"derivatives)":[134],"allowed":[136],"to":[138,149,167,191],"remove":[139],"these":[140],"risks":[141,162],"sheets":[145],"and,":[146],"turn,":[148],"grant":[150],"increasing":[151],"amounts":[152],"credit.":[154],"Yet,":[155],"globally":[157],"multiplying":[158],"redistributing":[160],"present":[163],"variety":[169],"institutions,":[172],"were":[174],"responsible":[175],"for":[176],"transformation":[178],"classic":[181],"crunch":[183],"(wherein":[184],"sum":[186],"potential":[188],"losses":[189],"corresponding":[190],"loans":[192],"low":[194],"collateral":[195],"known),":[197],"into":[198],"systemic":[200],"crisis":[202],"international":[205],"arena.":[206]},"counts_by_year":[{"year":2026,"cited_by_count":2},{"year":2025,"cited_by_count":1},{"year":2024,"cited_by_count":1},{"year":2022,"cited_by_count":1},{"year":2021,"cited_by_count":2},{"year":2020,"cited_by_count":4},{"year":2019,"cited_by_count":2},{"year":2018,"cited_by_count":3},{"year":2017,"cited_by_count":1},{"year":2016,"cited_by_count":2}],"updated_date":"2026-11-07T11:25:07.637180","created_date":"2016-06-24T00:00:00"}