In recent years, assets of non-bank financial intermediaries (NBFIs) have grown significantly relative to those of …. We argue instead that NBFI and bank businesses and risks are so interwoven that they are better described as having … contingent liquidity risk from the provision of credit lines to NBFIs; and (iii) Empirical work confirms bank-NBFI linkages …

bank approval disparity is also larger in more racially biased counties. We conclude that insofar as automation by fintechs …

management and investment funds and became a key contributor to growth. Diversification into new areas of financial asset … important for further diversification in the financial sector, building on Luxembourg’s existing comparative advantage and … financial market actors, notably investment funds. Given that the bulk of the banks in Luxembourg are affiliates of foreign bank …

COVID-19 pandemic shock. We argue that tighter bank regulation has created incentives for nonbanks to increase their …

The traditional model of bank-led financial intermediation, where banks issue demandable deposits to savers and make …% to 13%. Additionally, the share of loans as a percentage of bank assets has fallen from 70% to 55%. We develop a …, and changes in implicit subsidies and costs of bank activities can explain these shifts. Declines in securitization cost …

widespread stress, with adverse affects on bank intermediation thereafter. We discuss the bank capital and the bank funding … conclude by discussing the increasing extension of bank credit lines to non-bank financial intermediaries, as well as the role …