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Evaluation de l'introduction d'une taxe pigouvienne comme solution aux risques inhérents au shadow banking au sein de l'Union européenne
| Content Provider | Semantic Scholar |
|---|---|
| Author | Hamdaoui, Khalid |
| Copyright Year | 2017 |
| Abstract | English The financial crisis of 2007 has shed light on the existence of a parallel financial system and exposed the risks that the economy has to assume due to its lack of regulation. This system, which is now known as shadow banking has the particularity of being very opaque and consists of a combination of highly complex activities that take place outside of the traditional banking system. This master thesis focuses on the relevance of a fiscal legislation that aims to regulate the shadow banking system and the characteristics that it should possess. After an analysis of the components and underlying principles of the functioning of the shadow banking system, we observe its size and its recent evolution through the analysis of the activities and entities that compose it. We also assess the risks that arise from this system and isolate the main sources of instability. This approach allows us to prove that the traditional banking system and the real economy are indirectly exposed to these risks and that steps should be taken in order to preserve the financial stability. Following these initial findings, we examine the regulations that have been implemented in the European Union between 2007 and 2017 and stress their inability to preserve the stability of the financial system. Therefore, we highlight the need for new regulations. Finally, we show that a pigouvian tax on the profits of activities linked to shadow banking is likely to limit the magnitude of the shadow banking system as well as to reduce its risks. |
| File Format | PDF HTM / HTML |
| Alternate Webpage(s) | https://matheo.uliege.be/bitstream/2268.2/3465/7/Me%CC%81moire-Khalid-Hamdaoui-20120382.pdf |
| Language | English |
| Access Restriction | Open |
| Content Type | Text |
| Resource Type | Article |
