# Shadow Bank
A shadow banking system refers to a network of unregulated financial intermediaries that facilitate the creation of credit across the global financial system outside of the normal [banking](bank.md) system.

See also [regulatory-arbitrage](regulatory-arbitrage.md).

## References
1. Allen, Hilary J. 2022. ‘DeFi: Shadow Banking 2.0?’ William & Mary Law Review, Forthcoming.
1. Gorton, Gary, Andrew Metrick, Andrei Shleifer, and Daniel K. Tarullo. "Regulating the shadow banking system [with comments and discussion]." Brookings papers on economic activity (2010): 261-312.
1. Awrey, Dan, and Kristin Van Zwieten. "The shadow payment system." J. Corp. L. 43 (2017): 775.
1. Kress, Jeremy C., Patricia A. McCoy, and Daniel Schwarcz. "Regulating entities and activities: complementary approaches to nonbank systemic risk." S. Cal. L. Rev. 92 (2018): 1455.
1. Braun, Benjamin, and Daniela Gabor. 2019. ‘Central Banking, Shadow Banking, and Infrastructural Power’. https://doi.org/10.31235/osf.io/nf9ms.
1. Steele, Graham. 2021. ‘The Miner of Last Resort: Digital Currency, Shadow Money and the Role of the Central Bank’. Technology and Government, Emerald Studies in Media and Communications, Forthcoming.
1. Gorton, Gary B., and Jeffery Zhang. 2021. ‘Taming Wildcat Stablecoins’. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3888752.
1. Malloy, Matthew, and David Lowe. 2021. ‘Global Stablecoins: Monetary Policy Implementation Considerations from the U.S. Perspective’. Finance and Economics Discussion Series 2021 (020): 1–14. https://doi.org/10.17016/feds.2021.020.
1. Pupolizio, Ivan. 2021. ‘From Libra to Diem. The Pursuit of a Global Private Currency’. Global Jurist. https://doi.org/10.1515/gj-2021-0055.