The global non-bank sector has experienced significant growth since the global financial crisis, raising concerns that this shift represents a financial stability risk. We consider the drivers of this growth in Sweden: a small, open economy whose non-bank sector has grown rapidly. In contrast...

We investigate the determinants of using formal vs informal financial services to save and borrow within the BRICS countries. Our novelty is (a) we used the new 2021 individual dataset from the Global Findex database, and (b) the employed methodologies are the regression tree and the probit...

This paper examines the current dependencies and exposures of the euro area's financial sector in a context of rising geopolitical tensions. Focusing on Russia, China, and the Middle East, we analyze direct exposures through lending and securities holdings of banks and large investors. Our...