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 …

This paper contributes to the debate on the adequate regulatory treatment of non-bank financial intermediation (NBFI … proverbial race between hare and hedgehog in financial regulation and demonstrate how such an approach can be implemented in … proposes to apply regulatory burdens equivalent to prudential banking regulation if the respective transactional structures …