Shadow Banking in Singapore
Singapore Journal of Legal Studies, Mar 17, pp 18-52
35 Pages Posted: 14 Dec 2018
Date Written: March 31, 2017
Shadow banking is a phenomenon of global concern because it entails risks for ﬁnancial stability that need to be adequately addressed by regulation. Easier said than done, one could object, because it is a tricky task for regulators to respond appropriately. Singapore, one of the largest ﬁnancial centres in Asia and the world, is a hub for ﬁnancial intermediaries that are considered shadow banks. Data transmitted by Singapore to the Financial Stability Board provides the basis for this analysis of the relevance of shadow banks and risk-containing regulation applicable to them—the ﬁrst of its kind for Singapore. In line with global efforts to curb risks for ﬁnancial stability while avoiding excessive limitations on useful ﬁnancial services, the article points out areas in which particular vigilance is indicated and suggests changes to existing regulation.
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