ჩრდილოვანი საბანკო სექტორი საქართველოში

Abstract

Shadow banking is an important component of many financial systems. Due to their role in transferring risks to the financial system, institutions operating within the shadow banking system require increased attention, as demonstrated by the recent global crisis. This paper aims to investigate the size and trend of the shadow banking sector in the context of financial stability in Georgia. For this purpose, an analysis of the financial sector of Georgia was conducted to study the activities of shadow banks and the potential risks related to their activities. The study uses FSB and ESRB methodology to estimate the size of shadow banking in Georgia and the associated risk. The results of the analysis indicate that non-bank financial institutions, such as leasing and pawn shops, are part of the shadow banking system, which is not subject to banking regulation. Their actions and activities do not pose a threat to financial stability at the moment. The shadow banking system in Georgia is relatively small and currently does not represent a significant systemic risk. However, there are a number of factors that can increase the risk of the shadow banking system in Georgia, including: Growth in non-banking financial institutions that are not subject to the same level of regulation as the banking sector; Increasing interconnection of NBFIs with the banking system; Use of complex financial instruments, which complicates risk assessment. The lack of comprehensive and high-quality information on the shadow banking system in Georgia is a major challenge for effective risk assessment, as NBFIs are not required to report their activities to the authorities and there is a lack of transparency in the shadow banking system. In order to mitigate the risks posed by the shadow banking system, it is important to improve the regulation of NBFIs and increase the transparency of the shadow banking system. This initiative will allow policymakers to better understand the risks caused by the shadow banking system and take measures to reduce these risks. Keywords: shadow banking, non-bank financial institution, other financial intuitions, financial stability.