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Fintech, Regulatory Arbitrage, and the Rise of Shadow Banks

Greg Buchak, Gregor Matvos, Tomasz Piskorski, Amit Seru

NBER Working Paper No. 23288
Issued in March 2017, Revised in September 2018

---- Acknowledgments ----

Seru is the corresponding author. We thank Sumit Agarwal, Mark Carey, Michael Cembalest, Stijn Claessens, John Cochrane, Darrell Duffie, Douglas Diamond, Andreas Fuster, Radha Gopalan, Holger Mueller, Chris Palmer, Thomas Philippon, Raghuram Rajan, Philipp Schnabl, John Sedunov, Hyun Shin, Johannes Stroebel, Stijn Van Nieuwerburgh, Nancy Wallace, Toni Whited (the editor), Ariel Zetlin-Jones, Luigi Zingales and seminar participants at Baruch College, Bank for International Settlements, Chicago Fed, Cleveland Fed, Consumer Financial Protection Bureau, Hong Kong Monetary Authority, Housing Finance Policy Center, New York University, Rutgers, Stanford University, University of Wisconsin and conference participants at Conference for Empirical Legal Studies, CFAR and JFI Conference, ECB conference on monetary policy and financial intermediation, FDIC 17th Annual Fall Research Conference, Kellogg Fintech Conference, NBER Summer Institute, NBER Financial Market Regulation, OFR FRBC Financial Stability and FINTech Conference, Philadelphia Fed Fintech Conference: The Impact on Consumers, Banking, and Regulatory Policy, and SITE conference on Financial Regulation for helpful comments. We thank Monica Clodius and Sam Liu for outstanding research assistance. 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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