"Systemic risk" now occupies centre stage in discussions of bank regulatory reform. Systemic risk is often seen as a …

This paper presents an analysis of the dynamic measures of volatility connectedness of major bank stocks in the US and …

empirical support. We conclude that bank equity is not socially expensive, and that high leverage at the levels allowed, for …

range of real sectors is limited. Our results imply that regulators and supervisors should address international bank … dependencies arising from common risk factors, while recessions in real sectors due to bank defaults should be a secondary concern. …

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 …