Phrase guide
Definitions and examples are grouped by meaning. Pronunciation, history, word forms, translations, descendants, synonyms, antonyms, derived terms, and related words appear whenever the source provides them.
Sound
Each Play button uses your device's default local English voice, or a natural local fallback. The selected voice name appears after playback. This is synthesized speech, not a source recording.
No pronunciation record was provided for this word.
noun
Non-bank financial institutions, that, like banks, borrow short and in liquid forms and lend or invest long in more illiquid assets.
Definition source: English Wiktionary via Wiktextract
Usage: derogatory
Topics: banking, business, economics, finance, sciences
Synonyms: none provided
Antonyms: none provided
History
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.
