Assets of financial intermediaries Exhibit 3 Financial assets Share of total financial asset USD trillion Percent Notes: Banks broader category of 'deposit-taking institutions; OFls Other Financial Intermediaries: Shadow Banking measure of shadow banking based on economic functions. These are not mutually exclusive categories, as shadow banking is largely contained Sources: National financial accounts data: other national sources, FsB calculations. As a share of the total financial system, shadow banking based on the economic functions measure remained relatively constant in recent years at about 12%(right panel of Exhibit 3 However. the shadow banking to gdp ratio has risen from 55% in 2012 to 59% in 2014. as the steady growth of shadow banking in recent years has outpaced GDP (left panel of Exhibit Shadow banking and gDp 26 jurisdictions Exhibit 4 hadow banking size relative to GDp Percent USD trillion GDP versus shadow banking growth rates, 2011-20141 2010 2011201220132014 Rhs. As a percentage of GDP I- In tilllons of US dolars Advanced economies 2011-2014, adjusted for exchange rate effects, except for Singapore where growth rates from dow banking assets growing faster than nominal GDP in local currency Canada, Germany, Euro area, France, Hong Kong, Ireland, Italy, Japan, Korea, Netherlands, Singapore, Spain, Switzerland, United Kingdom, United States. 3: Emerging economies= Argentina, Brazil, Chile, China, India, Indonesia, Mexico, Russia, Turkey, Saudi Arabia, South Africa Sources: National financial accounts data other national sources. fsb calculations 1010 Assets of financial intermediaries 26 jurisdictions Exhibit 3 Financial assets Share of total financial assets USD trillion Percent Notes: Banks = broader category of ‘deposit-taking institutions’; OFIs = Other Financial Intermediaries; Shadow Banking = measure of shadow banking based on economic functions. These are not mutually exclusive categories, as shadow banking is largely contained in OFIs. Sources: National financial accounts data; other national sources; FSB calculations. As a share of the total financial system, shadow banking based on the economic functions measure remained relatively constant in recent years at about 12% (right panel of Exhibit 3). However, the shadow banking to GDP ratio has risen from 55% in 2012 to 59% in 2014, as the steady growth of shadow banking in recent years has outpaced GDP (left panel of Exhibit 4). Shadow banking and GDP 26 jurisdictions Exhibit 4 Shadow banking size relative to GDP GDP versus shadow banking growth rates, 2011-20141 Percent USD trillion Notes: 1 : Average annual growth rate during 2011-2014, adjusted for exchange rate effects, except for Singapore where growth rates from 2012-2014. >45% line indicates shadow banking assets growing faster than nominal GDP in local currency. 2 : Advanced economies = Australia, Canada, Germany, Euro area, France, Hong Kong, Ireland, Italy, Japan, Korea, Netherlands, Singapore, Spain, Switzerland, United Kingdom, United States. 3 : Emerging economies = Argentina, Brazil, Chile, China, India, Indonesia, Mexico, Russia, Turkey, Saudi Arabia, South Africa. Sources: National financial accounts data; other national sources; FSB calculations