全球智库信息集成服务系统(G2TT): DP15895 Do macroprudential policies affect non-bank financial intermediation?

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP15895
	DP15895 Do macroprudential policies affect non-bank financial intermediation?
	Stijn Claessens; Giulio Cornelli; Leonardo Gambacorta; Francesco Manaresi; Yasushi Shiina
发表日期	2021-03-07
出版年	2021
语种	英语
摘要	We analyse how macroprudential policies (MaPs), largely applied to banks and to a lesser extent borrowers, affect non-bank financial intermediation (NBFI). Using data for 24 of the jurisdictions participating in the Financial Stability Board’s monitoring exercise over the period 2002–17, we study the effects of MaP episodes on bank assets and on those NBFI activities that may involve bank-like financial stability risks (the narrow measure of NBFI). We find that a net tightening of domestic MaPs increases these NBFI activities and decreases bank assets, raising the NBFI share in total financial assets. By contrast, a net tightening of MaPs in foreign jurisdictions leads to a reduction of the NBFI share – the effect of a drop in NBFI activities and an increase in domestic banking assets. Tightening and easing MaPs have largely symmetric effects on NBFI. We find that the effect of MaPs (both domestic and foreign) is economically and statistically significant for all those NBFI economic functions that may pose risks to financial stability.
主题	Financial Economics
关键词	Macroprudential policy Non-bank financial intermediation Shadow banking International spillovers
URL	https://cepr.org/publications/dp15895-0
来源智库	Centre for Economic Policy Research (United Kingdom)
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/544886
推荐引用方式 GB/T 7714	Stijn Claessens,Giulio Cornelli,Leonardo Gambacorta,et al. DP15895 Do macroprudential policies affect non-bank financial intermediation?. 2021.