O sistema de shadow banking em Portugal

  • Hélder José Comunhas Morais (Student)

Student thesis: Master's Thesis


The global financial crisis of 2007-2008 and the subsequent European sovereign debt crisis directed attention to a set of institutions and activities that were previously not subject to regulation and supervision, the so-called ‘shadow banking system’. With this study, we intend to estimate the size of this system in the framework of Portuguese financial institutions and the national economy and compare it with the shadow banking systems of other countries recently affected by the European sovereign debt crisis. To reach the objectives, we make use of flow of funds data, in order to isolate and measure the institutions identified by the literature as shadow banks. We conclude that the shadow banking system in Portugal amounted to € 106 billion in 2013, representing 21% of total assets held by the banking system and about 64% of GDP. These values are lower when compared with the global average values, as well as with the values obtained for Spain, France, Ireland and Italy. Contrary, the values obtained for the Greek shadow banking system are significantly lower.
Date of Award16 Mar 2015
Original languagePortuguese
Awarding Institution
  • Universidade Católica Portuguesa
SupervisorJoão Pinto (Supervisor) & Paulo Alves (Co-Supervisor)


  • Shadow banking
  • Securitization
  • Credit intermediation
  • Financial system


  • Mestrado em Banca e Seguros

Cite this