| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP16962 |
| DP16962 Non-bank Financial Intermediaries and Financial Stability | |
| Paul Schrimpf; Hyun Song Shin | |
| 发表日期 | 2022-01-29 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | The heft of non-bank financial intermediaries (NBFIs) has grown significantly after the Great Financial Crisis. This paper reviews structural shifts in intermediation and how NBFIs have shaped the demand and supply of liquidity in financial markets. We then lay out a framework for the key channels of systemic-risk propagation in the presence of NBFIs, emphasising the central role of leverage fluctuations through changes in margins. An investor's debt capacity is increasing in that of other investors in the system, so that leverage enables greater leverage, and spikes in margins can lead to system-wide deleveraging. In our framework, deleveraging and `dash for cash' scenarios (as during the Covid-19 crisis) emerge as two sides of the same coin, rather than being two distinct stress propagation channels. These findings have implications for the design of NBFI regulations and of central bank backstops. |
| 主题 | Financial Economics |
| 关键词 | Financial intermediation Non-banks Market-based finance Market liquidity Systemic risk |
| URL | https://cepr.org/publications/dp16962 |
| 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/545906 |
| 推荐引用方式 GB/T 7714 | Paul Schrimpf,Hyun Song Shin. DP16962 Non-bank Financial Intermediaries and Financial Stability. 2022. |
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