Financial Regulation
Advanced
Shadow Banking
Credit intermediation involving bank-like maturity, liquidity, or leverage transformation outside the traditional deposit-taking banking sector.
Why It Matters
Shadow banking is central to post-crisis financial law because repo markets, securitization, money-market funds, and bankruptcy safe harbors can create run-prone private money.
Selected Literature
A short list of directly relevant archive entries.
2009
Advanced
Deciphering the Liquidity and Credit Crunch 2007-2008
Markus K. Brunnermeier
Journal of Economic Perspectives
2009
Intermediate
The Fundamental Principles of Financial Regulation
Markus Brunnermeier, Andrew Crockett, Charles Goodhart, Avinash Persaud, and Hyun Song Shin
Geneva Reports on the World Economy
2010
Advanced
Regulating the Shadow Banking System
Gary Gorton and Andrew Metrick
Brookings Papers on Economic Activity
2012
Intermediate
Related Cases
1996
Corporate Law
In re Caremark International Inc. Derivative Litigation
698 A.2d 959 (Del. Ch. 1996)
Director oversight duties, compliance systems, and board liability for failure to monitor legal risk.
1996
Financial Law
United States v. Winstar Corp.
518 U.S. 839 (1996)
Government contractual commitments made during thrift supervisory mergers and later regulatory change.
2013
Securities Regulation
Gabelli v. SEC
568 U.S. 442 (2013)
When the five-year limitations period begins for an SEC action seeking civil penalties for alleged fraud.
2019
Corporate Law
Marchand v. Barnhill
212 A.3d 805 (Del. 2019)
Board-level compliance systems and oversight of a risk central to the company's single-line business.