NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

A Model of Shadow Banking

Nicola Gennaioli, Andrei Shleifer, Robert W. Vishny

NBER Working Paper No. 17115
Issued in June 2011

---- Acknowledgements -----

We are grateful to Viral Acharya, Tobias Adrian, Effi Benmelech, John Campbell, Robin Greenwood, Sam Hanson, Arvind Krishnamurthy, Rafael Repullo, Matt Richardson, Philipp Schnabl, Josh Schwartzstein, Alp Simsek, Jeremy Stein, Rene Stulz, Amir Sufi, and especially Charles-Henri Weymuller for helpful comments. Gennaioli thanks the Barcelona GSE and the European Research Council for financial support. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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