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 …

We study the rise and risks in bank issuance of Wealth Management Products (WMPs), which are off … greater competition from the Big Four banks. We find that this growth of WMPs imposed rollover risks for all the bank issuers …, as reflected in higher yields on new WMPs, higher borrowing rates in the inter-bank market, and adverse stock market …