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Cited by 441

The DOI matches its Crossref record; 50 of the 50 references it cites were found in a registry or an index.

A Model of Shadow Banking

Open access
GENNAIOLI, NICOLA, SHLEIFER, ANDREI, VISHNY, ROBERT W.·2013·The Journal of Finance
DOI 10.1111/jofi.12031
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Abstract

We present a model of shadow banking in which banks originate and trade loans, assemble them into diversified portfolios, and finance these portfolios externally with riskless debt. In this model: outside investor wealth drives the demand for riskless debt and indirectly for securitization, bank assets and leverage move together, banks become interconnected through markets, and banks increase their exposure to systematic risk as they reduce idiosyncratic risk through diversification. The shadow banking system is stable and welfare improving under rational expectations, but vulnerable to crises and liquidity dry‐ups when investors neglect tail risks.

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Crossref · 10.1111/jofi.12031

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Metadata

Authors
GENNAIOLI, N., SHLEIFER, A., & VISHNY, R. W.
Venue
The Journal of Finance
Publisher
Wiley
Published
2013-07-16
Volume
68
Issue
4
Pages
1331-1363
ISSN
  • 0022-1082 (ISSN-L)
  • 1540-6261
DOI
10.1111/jofi.12031
OpenAlex
W2319718234
Cited by
441
References
50
FWCI
75.04
Type
journal article
Language
en
Open access
green

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CoChat. (2026). Citation check: A Model of Shadow Banking. https://app.cochat.ai/papers/10.1111/jofi.12031
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GENNAIOLI, N., SHLEIFER, A., & VISHNY, R. W. (2013). A Model of Shadow Banking. The Journal of Finance. https://doi.org/10.1111/jofi.12031

Data sources

Bibliographic data: Semantic Scholar, OpenAlex, Crossref.

Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).

Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.