Traditional banks played a larger role in credit origination during the US credit boom than shadow banks, a discussion paper published by the Deutsche Bundesbank says.

In Traditional banks, shadow banks and the US credit boom – credit origination versus financing, Robert Unger builds on a 2013 paper by Pozsar et al. He presents a model using three "shadow banking subsystems" and uses data from the US's financial accounts to analyse where their loans were originated.

While shadow banks play a