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 …

of the less regulated, so-called shadow banking sector. Employing flow-of-funds data for the Euro Area's non-bank banking … increase in non-bank banking). Overall intermediation activity, hence, has remained roughly at the same level. Moreover, our … findings also suggest that non-bank banks have tended to take positions in riskier assets (particularly in equities). In line …