The Financial Stability Board (FSB) has released its fourth annual Global Shadow Banking Monitoring report, revealing that the shadow bank activities increased by $5 trillion from 2012 to 2013, reaching $75 trillion. That means that shadow banking assets, at least by one measure, make up a quarter of total financial assets, half of banking assets, and are equal to 120% of global GDP. EM playing catch-up on shadow banking Since shadow banking activities are more or less unregulated, so the FSB numbers are necessarily estimates. The organization starts with a broad measure called the Monitoring Universe of Non-Bank Financial Intermediation…