If citing, it is advised that you check and use the publisher's definitive version for pagination, volume/issue, and date of publication details. And where the final published version is provided on the Research Portal, if citing you are again advised to check the publisher's website for any subsequent corrections.

Benchmarking IFS data with national data sources is not always possible. As highlighted by Jerven (2016), some DECs adopt the IMF reporting standards for their domestic data collections; some other jurisdictions, however, use the IMF definitions and reporting standards only for reporting to the IMF while keeping a different official reporting domestically. That is, from a practical viewpoint, balance sheet banking data from national sources does not allow for cross-country comparison due to the lack of harmonization. For example in the left-hand panel

No abstract

The years immediately preceding the financial crisis of 2007 witnessed an explosive growth in the supplies both of the long term securities issued by the shadow banking entities, the ABSs and CDOs, and of the short term securities issued by these entities, notably ABCP. While there is now some acknowledgment that the search for yield was the major driver of ABS and CDO growth in the US, the same is not true of the US ABCP market where other factors such as regulatory arbitrage on the part of banks or the safety and liquidity concerns of institutional investors are seen as having been the more important growth driving force. This paper argues that the search for yield did play a crucial role in US ABCP growth between 2004 and 2007. To back up this argument, the paper points to four variables that were closely correlated with this growth: the federal funds rate; US MMMF asset holdings; the change in the geographical breakdown of the institutions supplying ABCP; and, finally, the change in the programme breakdown of the ABCP market.

No abstract