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This study reports on our systematic review of 2008–2021 literature on shadow banking. We present an overview of the shadow banking sector, wherein we discuss the definitions, evolution, functions, and specific activities that comprise it. We conducted a bibliometric analysis using the VOSviewer bibliometric tool on articles collected from the Scopus database, after which we conducted content analysis on top articles from leading sources, and identified four major streams of shadow banking literature. Additionally, we identified gaps in the literature and proposed seven research questions to be addressed in future studies to advance knowledge of the shadow banking sector. The findings of this review may serve as a robust reference for scholars researching various aspects of shadow banking to develop our understanding of this sector.

This study explores the impact of COVID-19, crude oil price, US economic policy uncertainty, baltic dry index, and the stock market volatility on the US bank indices. This study is conducted based on the daily data ranging from 21st January 2020 to 30th October 2020. The wavelet coherence analysis suggests that rising COVID-19 cases in the US have a strong impact on both bank indices. Also, global COVID-19 cases influence the bank indices, although it is not as strong as US COVID-19 cases. Additionally, we have found that the US economic policy uncertainty and stock market volatility imposed negative and strong effect on the bank indices in this pandemic situation. Moreover, continuous fluctuation of crude oil price makes the US banks volatile throughout the period.