FSB definition of shadow banking paints 'incomplete picture'

IMF paper says FSB's shadow banking definition is too narrow

IMF headquarters in Washington DC

The eurozone's shadow banking sector is only marginally smaller than its US counterpart, according to an International Monetary Fund (IMF) working paper, which offers a new definition aimed at capturing more "non-traditional activity" in the financial system.

The paper challenges the previous definition offered by the Financial Stability Board (FSB), which defines shadow banks as entities that provide credit intermediation but operate outside the regulated banking system. 

The IMF working paper

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