The Evolution of Banking: From Traditional Banks to Shadow Finance

Five years ago a $4.5bn hole in a development fund scrambled Malaysia’s politics. Now the inquiry has claimed its first scalp: that of Najib Razak, a former prime minister. We examine the grand shift of business to “shadow banks”—a more innovative, if less regulated, end of the industry. And we join a mushroom-picking expedition in China’s Yunnan province. For full access to print, digital and audio editions of The Economist, subscribe here www.economist.com/intelligenceoffer

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