> Details
cappiello, lorenzo
[Author];
Holm-Hadulla, Federic
[Author];
Maddaloni, Angela
[Author];
Arts, Laura
[Author];
Meme, Nicolas
[Author];
Migiakis, Petros
[Author];
Behrens, Caterina
[Author];
Moura, Alban
[Author];
Corradin, Stefano
[Author];
Ferrando, Annalisa
[Author];
Niemelä, Juha
[Author];
Giuzio, Margherita
[Author];
Pierrard, Olivier
[Author];
Ratnovski, Lev
[Author];
Gulan, Adam
[Author];
Schober-Rhomberg, Alexandra
[Author];
Hertkorn, Andreas
[Author];
Sigmund, Michael
[Author];
Kaufmann, Christoph
[Author];
Avakian, Lucía Kazarian
[Author];
Stupariu, Patricia
[Author];
Koskinen, Kimmo
[Author];
Taboga, Marco
[Author];
Sédillot, Franck
[Author];
[...]
Non-Bank Financial Intermediation in the Euro Area
: Implications for Monetary Policy Transmission and Key Vulnerabilities
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- Media type: E-Book
- Title: Non-Bank Financial Intermediation in the Euro Area : Implications for Monetary Policy Transmission and Key Vulnerabilities
- Contributor: cappiello, lorenzo [VerfasserIn]; Holm-Hadulla, Federic [VerfasserIn]; Maddaloni, Angela [VerfasserIn]; Arts, Laura [VerfasserIn]; Meme, Nicolas [VerfasserIn]; Migiakis, Petros [VerfasserIn]; Behrens, Caterina [VerfasserIn]; Moura, Alban [VerfasserIn]; Corradin, Stefano [VerfasserIn]; Ferrando, Annalisa [VerfasserIn]; Niemelä, Juha [VerfasserIn]; Giuzio, Margherita [VerfasserIn]; Pierrard, Olivier [VerfasserIn]; Ratnovski, Lev [VerfasserIn]; Gulan, Adam [VerfasserIn]; Schober-Rhomberg, Alexandra [VerfasserIn]; Hertkorn, Andreas [VerfasserIn]; Sigmund, Michael [VerfasserIn]; Kaufmann, Christoph [VerfasserIn]; Avakian, Lucía Kazarian [VerfasserIn]; Stupariu, Patricia [VerfasserIn]; Koskinen, Kimmo [VerfasserIn]; Taboga, Marco [VerfasserIn]; Sédillot, Franck [VerfasserIn]; Tavares, Luis [VerfasserIn]; Matilainen, Jani [VerfasserIn]; den, Emme Van [VerfasserIn]; Mazelis, Falk [VerfasserIn]; Zaghini, Andrea [VerfasserIn]; McCarthy, Barra [VerfasserIn]
- imprint: [S.l.]: SSRN, [2021]
- Published in: ECB Occasional Paper ; No. 2021270
- Extent: 1 Online-Ressource (86 p)
- Language: English
- Origination:
-
Footnote:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments September, 2021 erstellt
- Description: The financing structure of the euro area economy has evolved since the global financial crisis with non-bank financial intermediation taking a more prominent role. This shift affects the transmission of monetary policy. Compared with banks, non-bank financial intermediaries are more responsive to monetary policy measures that influence longer-term interest rates, such as asset purchases. The increasing role of debt securities in the financing structure of firms also leads to a stronger transmission of long-rate shocks. At the same time, short-term policy rates remain an effective tool to steer economic outcomes in the euro area, which is still highly reliant on bank loans. Amid a low interest rate environment, the growth of market-based finance has been accompanied by increased credit, liquidity and duration risk in the non-bank sector. Interconnections in the financial system can amplify contagion and impair the smooth transmission of monetary policy in periods of market distress. The growing importance of non-bank financial intermediaries has implications for the functioning of financial market segments relevant for monetary policy transmission, in particular the money markets and the bond markets
- Access State: Open Access