The unprecedented scale of the 2007-2008 financial crisis has spawned a vast literature devoted to analyzing the phenomenon of Shadow Banking, considered as the main cause of the banking and financial debacle of the Great Recession, without noticeably providing a global understanding of the phenomena. The main objective of this thesis is, using a positive approach, to study the roots and perform a dissection of the Shadow Banking in order to understand its complexity, establishing a comprehensive understanding of its central role in financing economy and money creation. Before being prescriptive, this study requires above all a positive step that should present facts and mechanisms of an analytical point of view. In this way, this work contributes to the existing literature with a progressive and didactic approach exposing the migration tools of banking risks outside of balance sheets of banks and disentangling fact from fantasy in a thorough reading of the challenges of the Shadow Banking. In this logic, the first chapter of this thesis is devoted to what appeared to be the cause of the crisis of 2007-2008, namely the migration of banks’ assets and risks through credits sales. There is evidences of loan sales for more than forty years, weakening the hypothesis of a recent phenomenon guilty of the original sin leading to the crisis, this burden pretends vested in the securitization. The second chapter of this thesis is thus devoted to the study of securitization and especially of both its origins and its mechanisms. Just like the sale of credit, the assumption of a new phenomenon was quickly ruled out by the long and rich history of the securitization process that spans over four centuries. In contrast to the fledgling and uniquely American phenomenon, securitization reveals its ancient European roots and appears far from being devoid of a certain instability. However, it turned out that the modern form of securitization owes its pattern to the American public sector that, by its choice of using commitments instead of detention of assets, maintaining the mirage of a Midas’ blessing allowing to create ex nihilo quality. If this tale is far from being sustainable, the fact remains that securitization can be a virtuous process offering both quality and yield distribution, reducing information asymmetries, and significantly improving liquidity. However, it remains the preferred medium for banks’ regulatory arbitrages, the later allowed by wait-and-see regulators. Finally, in light of these necessary insights into the tools of modern finance, the third chapter of this thesis is devoted to the study of the Shadow Banking. After exposing its clichés, it offers a lecture of the phenomenon that goes beyond the fantasy of a shadow banking system hidden in the shadows, by providing an approach that gradually leads to the changeover of the financial system to a dynamic and intensive collateral form. This multiplication of insurances then finds its climax in the emergence of a new monetary hierarchy, central banks abandoning their prerogatives to the private sector. Since a century, banks have monetary creation capacities that were, gradually, transferred to the Shadow Banking. This third chapter conclude on the need of further research on the new role of the banking system in the financial system and the future of money creation increasingly eluding central bankers.