A crise financeira e o global shadow banking system

Abstract

The financial crisis triggered by increasing default rate, real estate devaluation and financial asset depreciation combined with U.S. subprime mortgages brought about the debate over the framework of the U.S. and international financial systems, their potential systemic risks, and their regulatory and supervisory mechanisms. A great variety of financial institutions which were poorly regulated and badly supervised changed into the counterpart of the credit risk transfer from the banking system and started to hold increasing risks. This paper deals with the interaction of these financial institutions, including a description of some features of the major stage in this process - the so-called over-the-counter (OTC) market - and the use of financial innovations which amplified the crisis. It also aims to clarify the need for improvements in terms of regulation and supervision considering the complexity and opacity of these institutions and markets.