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September 5, 2012

Financial regulators should turn their attention to the potential threats to financial stability lurking in the shadow banking system, according to a report released today by the C.D. Howe Institute. In “Combatting the Dangers Lurking in the Shadows: The Macroprudential Regulation of Shadow Banking,” David Longworth, former deputy governor of the Bank of Canada, argues greater regulation of the financial entities in the sector is required to mitigate the risks of another run on the shadow banking system exacerbating financial instability, as occurred in the 2008/2009 financial crisis.

 

David Longworth
David Longworth, Former Deputy Governor, Bank of Canada; Adjunct Professor, Queen's University and Carleton University, Research Fellows

David Longworth is Associate Director of the Graduate Diploma Program in Risk Policy and Regulation in the Department of Economics at Queen’s University, where he is a Term Adjunct Professor. Since 2010, he has also been an Adjunct Research Professor at Carleton University. Before that, he had a 36-year career at the Bank of Canada.