Etymology

shadow banking system

Today it means: Non-bank financial institutions, that, like banks, borrow short and in liquid forms and lend or invest long in more illiquid assets. Full definition →

Ask AI about its historyChatGPTClaudePerplexityGoogle AIGrok

The story

Coined by Paul McCulley in 2007. Parallel with earlier constructions such as shadow cabinet and shadow government as names for quasi-institutions running unofficially in parallel with the official institutions.

Etymology from Wiktionary, CC BY-SA 4.0.