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 …

from maturity mismatches between bank assets and liabilities. This study explains the NSFR and estimates this ratio for …