institutional roof - banks or non-bank (shadow) banks - under which they are conducted. Our results reveal a declining role of banks … (and a commensurate increase in non-bank banking). These structural shifts (between institutions) are coincident with …

crisis. These policies are often aimed at the commercial banking sector, while a host of other non-bank financial … institutions, or shadow banks, may not fall under their jurisdiction. We study the effects of tightening commercial bank regulation … tighter capital requirements on commercial banks increase shadow bank lending, which may have adverse financial stability …