We construct a novel measure of bank performance, investigate its determinants, and show that it affects bank … inefficiencies, rather than monetary or regulatory measures, were the main driver of bank underperformance. We also show that higher …

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 …