Should we get rid of shadow banking?
Journal Title: Zarządzanie i Finanse - Year 2013, Vol 11, Issue 2
Abstract
The aim of this working paper is to elaborate on the critique of the functioning of modern banks as financial intermediaries in the light of concerns over shadow banking. It points out that the privileged position of the banks which are eligible for central bank refinancing is somehow advantageous to the economy, themselves and in the lowest extent to savers. The safety of the deposits is illusionary and results from state coercion. Any act of saving money different from ordinary safekeeping of financial means entails risk. That is why all accounts other than current accounts should be regarded as investment accounts, as proposed by Islamic finance.
Authors and Affiliations
Jacek Karwowski
Keywords
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