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Non-Bank Financial Intermediation: Stock Take of Research, Policy and Data

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  • Claessens, Stijn

Abstract

This paper reviews research and policy work on non-bank financial intermediation (NBFI), taking a financial stability perspective. It first documents the growth in NBFI, reviews its possible drivers and documents recent instability episodes. NBFI now often surpasses traditional bank financing and research on it has increased, including on its financial stability characteristics. Given NBFI’s many forms and dimensions, the paper focuses on its market-based forms. Taking a cross-country perspective, it reviews the benefits of NBFI, in terms of access to finance and economic impact, and its risks, specifically those related to interconnections, interactions between liquidity and leverage, and procyclicality. It describes policy steps, underway and possible, to reduce these risks, highlights outstanding issues and suggests further analytical work. It also considers the current state of available data and means to address remaining gaps.

Suggested Citation

  • Claessens, Stijn, 2024. "Non-Bank Financial Intermediation: Stock Take of Research, Policy and Data," CEPR Discussion Papers 18945, C.E.P.R. Discussion Papers.
    • Handle: RePEc:cpr:ceprdp:18945
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    More about this item

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
    • F65 - International Economics - - Economic Impacts of Globalization - - - Finance
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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