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Non-bank financial institutions: assessment of their impact on the stability of the financial system

Author

Listed:
  • Patrice Muller
  • Graham Bishop
  • Shaan Devnani
  • Mark Lewis
  • Rohit Ladher

Abstract

The study paper examines how non-bank financial institutions (in particular money market funds, private equity firms, hedge funds, pension funds and insurance undertakings, central counterparties, and UCITS and ETFs) have performed over the last decade and during the financial crisis. The report addresses the risks run by each of this type of institutions (credit, counterparty, liquidity, redemption, and fire sales risk), and highlights also the risks arising from a number of activities frequently undertaken by these institutions, in particular securitisation (a.o. agency risk), securities lending (a.o. counterparty risk) and repos (a.o. liquidity risk). The report finally provides a selected overview of approaches for the measurement of financial instability and financial distress.

Suggested Citation

  • Patrice Muller & Graham Bishop & Shaan Devnani & Mark Lewis & Rohit Ladher, 2012. "Non-bank financial institutions: assessment of their impact on the stability of the financial system," European Economy - Economic Papers 2008 - 2015 472, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
    • Handle: RePEc:euf:ecopap:0472
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    File URL: https://ec.europa.eu/economy_finance/publications/economic_paper/2012/ecp472_en.htm
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    Cited by:

    1. Senderski, Marcin, 2014. "Assessing the strictness of portfolio-related regulation of pension funds: Rethinking the definition of prudent," MPRA Paper 56610, University Library of Munich, Germany.

    More about this item

    JEL classification:

    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors

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