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... ry authorities, but in practice they act like banks, so some people call such institutions shadow banking.

The concept of shadow banking was proposed at the annual meeting of the Federal Reserve in 2007, but in fact similar institutions appeared in the 1960s and 1970s, first institutions that innovated various financial products and tools, and then investment banks , hedge funds, insurance companies and other non-bank financial institutions.

  In the hedge fund industry, the first ...

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