(2014), “ Shadow Banking: The Money View”, Office of Financial Research WP 14–04. 4 See Singh, M. and P. Stella (2012), “Money and Collateral”, IMF Working Paper WP/12/95. 5 See Gorton, G. and P.He (2016), “Optimal monetary policy in a collateralized economy”, NBER Working Paper  No. 22599.
6 8 / 11  BIS central bankers' speeches  6 See Levine, R. (2005), “Finance and growth: Theory and evidence”, Handbook of economic growth, 1, in:  Philippe Aghion and Steven Durlauf (ed. ), Handbook of Economic Growth, Edition 1, Vol 1, Chapter 12, pp. 865– 934 Elsevier.