Search Results - subject_exact:"Finanzintermediation"

Repo market networks : dynamics under financial stress

Schöller, Vanessa - 2026

The smooth functioning of the repo market is essential to financial stability. However, the market has faced repeated episodes of stress in recent years. This paper examines the resilience of the euro-denominated repo market during recent episodes of elevated financial stress, drawing on...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015618106

Demand-based asset pricing in general equilibrium

Abadi, Joseph - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015609903

Bond funds' risk taking and monetary policy

Anyphantakē, Sophia; Giannakidis, Haris; … - 2026

Using granular security-level data from bond funds domiciled in the US and the euro area, we identify a market-based risk-taking channel of monetary policy transmission via the credit-risk and the maturity structure of bond funds' portfolios. We measure credit risk at the fund level as the...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015610151

Synthetic risk transfers

2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015611480

Taste-based Investing, Government Policies and Competition in Financial Intermediation

Capelle, Damien - 2026

This paper develops a theory of how investors’ tastes are transmitted to aggregate investment through the market structure of financial intermediation. Whether tastes affect equilibrium capital allocation depends on where they originate—from households or from intermediaries—and on the...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015612651

Heterogeneous effects of monetary policy surprises on bond fund flows

Blanco, Sébastien; Koomen, Miriam; Yeşin, Pınar - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015615519

Disentangling the "shadow banking" metaphor

Labat Moles, Héctor - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015604801

Investing in the shadows : FinTech browth and mortgage market dynamics

Li, Wenli; Zhou, Xiaoqing - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015606679

From threat to opportunity : digital infrastructure and bank adaptation to cryptocurrency cycles-global evidence

Martens, Wil - 2026

As cryptocurrencies evolve from niche assets to systemic financial components, the banking sector faces a strategic dilemma: displacement or adaptation. Using 27,510 bank-year observations from 2014 to 2023 across thirty-two economies, predominantly within the European banking sector, this study...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015628489

Building resilience through disaster risk management in intermediary cities

2026

Natural disasters and extreme weather events are increasing in frequency and intensity globally. Local governments, including intermediary cities, are on the frontline of disaster risk management. Increasing their resilience is critical to protect lives and support economic development. This is...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015629704

From technological revolution to digital transformation in non-banking financial companies : A future research direction

Singh, Vaivaw Kumar; Shaikh, Zakir Hossen; Sinha, Kunal; … - 2026

Digital transformation implies the infusion of digital technologies into all processes at non-banking financial companies (NBFCs) to make operations effective and to improve customer experience. In this context, advanced technologies in artificial intelligence (AI), machine learning (ML),...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015639585

Complementarities between loan sales and standby letters of credit : a theoretical model

Gargalas, Vassilios N.; Corzo, Mario G. - 2026

In their traditional function, commercial banks engage in recourse loan sales while evaluating clients' creditworthiness and assuming risk. However, banks face regulatory constraints that prevent them from fully exploiting this activity. Loan sales with recourse are treated as deposits, and...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015639896

Bank to non-bank lending and the reallocation of credit

Li, Jian; Ma, Yiming; Mendicino, Caterina; Supera, Dominik - 2026

We analyze how bank lending to non-bank financial institutions (NBFIs) affects credit supply to the real economy. Using granular supervisory and loan-level data, we document rapid growth in bank lending to NBFIs relative to lending to non-financial firms. This growth is driven primarily by...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015640931

The euro-area repo market : structure, participants and interlinkages

Caverni, Lorenzo; De Nicola, Annalisa; Persico, Mattia - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015641914

Macro-financial blind spots in emerging markets : non-bank intermediation, funding liquidity, and the persistence of global shock transmission

Pessoa, Gustavo Henrique Rodrigues; Rochman, Ricardo R. - 2026

Despite significant advances in bank regulation and the widespread adoption of macroprudential frameworks, emerging market economies remain persistently vulnerable to global financial shocks. Episodes such as the Global Financial Crisis, the COVID-19 market turmoil, and recent monetary...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015643130

Leverage, engagement, and welfare in decentralised financial markets

Guo, Yang - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015657384

When digital meets traditional financial intermediaries : how equity crowdfunding shapes venture capital value added

Alam, Samia; Butticè, Vincenzo - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015650447

Bank regulation and the rise of nonbank intermediation

Brunetti, Celso; Frei, Christoph - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015653205

Measuring interregional fund flows in a dollarized economy : evidence from branch-level data of deposits and loans in Cambodia

Aiba, Daiju; You, Vithyea - 2026

Partial dollarization is a significant phenomenon in the banking sectors of many developing countries, yet evidence on its spread through bank branch networks remains scarce. This paper investigates interregional capital flows within Cambodia's banking system, characterized by the coexistence of...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015637212

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Measuring interregional fund flows in a dollarized economy : evidence from branch-level data of deposits and loans in Cambodia

Aiba, Daiju; You, Vithyea - 2024

Book / Working Paper

The boundaries of bank funding : the case of Canadian cash ETFs

Fontaine, Jean-Sebastian; Meh, Vincent; Plener, Jayden - 2026 - Last updated: July 2, 2026

Banking regulations set the boundaries of bank funding. They can also shape the assetmanagement landscape in an underappreciated way. We document that banking regulations push asset managers' liquid holdings away from bank savings accounts and toward money market assets. The case of Canadian...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015669580

Transformed Intermediation : Credit Risk to NBFIs, Liquidity Risk to Banks

Acharya, Viral V.; Cetorelli, Nicola; Tuckman, Bruce - 2026

We argue that the rapid asset growth of nonbank financial intermediaries (NBFIs) relative to banks is the outcome of transformations of risks between banks and NBFIs that increase the interconnectedness of the two sectors. These transformations are consistent with avoiding tighter, post-GFC bank...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015593753

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Transformed intermediation : credit risk to NBFIs, liquidity risk to banks

Acharya, Viral V.; Cetorelli, Nicola; Tuckman, Bruce - 2026

Book / Working Paper

Transformed intermediation : credit risk to nbfis, liquidity risk to banks

Acharya, Viral V.; Cetorelli, Nicola; Tuckman, Bruce - 2026

Book / Working Paper

Stablecoin disintermediation

Lee, Michael Junho; Tou, Donny - 2026

We propose a theory of stablecoin disintermediation, whereby stablecoins not only erode banks' deposit franchises but also transmit liquidity stress to the banking system. Using transaction-level data linking onchain transactions to wholesale interbank payments, we document the first evidence of...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015614724

SoS! : the overnight bilateral liquidity provision of non-bank financial institutions to banks

Cucullo, Elio; Clare, Andrew D.; Gallo, Angela - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10016063614

Interconnectedness in the Italian financial sector : banks, investment funds and insurance companies

Michelangeli, Valentina; Sacco, Silvia; Bado, Valentino; … - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10016063621

Financing green transition : the role of bank-nonbank partnerships

Gallo, Angela; Park, Min - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10016060730

Financial intermediation and provincial economic activity in a dollarised economy : panel VAR evidence from Ecuador

Casares-Conforme, Félix; Maridueña-Larrea, Ángel; … - 2026

In dollarised economies, the absence of autonomous monetary policy shifts the burden of macroeconomic adjustment onto the banking system, where deposits and credit constitute the principal channel through which liquidity is conveyed to commercial activity. The literature has documented this...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10016061188

Market structure of intermediation

Zhong, Hongda - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10016061870

Access to finance, financial constraints and financial inclusion in the context of globalization : a systematic literature review and future directions for FinTech innovations

Al-Khazaleh, Suhaib; Badwan, Nemer; Al-Smadi, Raed; … - 2026

This paper conducts a bibliometric and content analysis and offers a comprehensive overview of the research landscape on access to finance, revealing critical insights into the determinants of financial access, the role of financial intermediaries, and the impact of regulatory frameworks and...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10016062546

Monetary policy transmission and non-bank financial intermediation

Anyphantakē, Sophia; Barahona, Ricardo; Cucic, Dominic; … - 2026

The growing importance of non‑bank financial intermediaries (NBFIs) also has important implications for the transmission of monetary policy in the euro area. It alters the composition of credit supply and strengthens the role of market‑based finance for the corporate sector. In the...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10016061018

Global banks' spillovers to emerging markets

Arnabal, Luis Rodrigo; Camara, Santiago; Dassatti … - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015617900

More than merchant bankers : second-class financial intermediation in eighteenth-century Amsterdam

Feenstra, Alberto - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015137998

Financial intermediation and networks in early modern castile fairs

Carvajal, David - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015138002

Exploring peer-to-peer lending : key influences of firm uncertainty, loan features and venture quality

Del Sarto, Nicola - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015202555

Three extensions of the map of the euro area financial system

Sánchez Serrano, Antonio - 2025

Andersen and Sánchez Serrano (2024) define a methodology for building a map of the euro area financial system using data from the quarterly sectoral accounts of the euro area (complemented with data from other sources). This map can be useful for macroprudential authorities in regularly...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015549037

Shadow banks or just not banks? : growth of the Swedish non-bank sector

Li, Jieying; Myers, Samantha - 2025

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...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015324111

Macroeconomic imbalances evolution and their effect on bank intermediation cost in Kenya

Ndwiga, David; Makunda, Geraldine - 2025

The study investigates the effects of macro imbalances on the banking sector performance in Kenya from the financial intermediation cost perspective for 2020q4 - 2024q1 period. Employing dynamic panel GMM model, the study finds that inflation pressures above the upper bound target, external debt...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015375449

In the shadow of shadow banking : a liquidity perspective

Liu, Zehao; He, Ping; Xie, Chengbo - 2025

Liquidity requirements for commercial banks improve risk-sharing for depositors. Nevertheless, shadow banks, issuing securities with lower liquidity, operate outside such regulatory constraints. In an economy featuring shadow banks with a constant level of liquidity for shadow bank securities,...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015332591

Flow-specific capital controls for China

Garcia-Barragan, Fernando; Kiu, Guangling - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015333588

Coexistence of banks and non-banks : intermediation functions and strategies

Cetorelli, Nicola; Cisternas, Gonzalo; Sarkar, Asani - 2025

What is the essence of non-bank financial intermediation? How does it emerge and interact with intermediation performed by banks? To investigate these questions, we develop a model-based survey: we classify existing models into different intermediation functions á la Merton (1995) to show that...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015337604

Institutional investors and house prices

Bandoni, Emil; De Nora, Giorgia; Giuzio, Margherita; … - 2025

Institutional investors, such as investment funds, are playing an increasingly important role in residential real estate markets. This raises the possibility that their actions might drive aggregate market outcomes and may change how and which macrofinancial shocks transmit to house prices. In a...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015338881

Investment funds and euro disaster risk

Anaya, Pablo; Cera, Katharina; Georgiadis, Georgios; … - 2025

We document that compared to all other investor groups investment funds exhibit a distinctly procyclical behavior when financial-market beliefs about the probability of a euro-related, institutional rare disaster spike. In response to such euro disaster risk shocks, investment funds shed...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015339629

Private safe-asset supply and financial instability

Castells-Jauregui, Madalen - 2025

This paper analyzes the private production of safe assets and its implications for financial stability. Financial intermediaries (FIs) originate loans, exert hidden effort to improve loan quality, and create safe assets by issuing debt backed by the safe payments from (i) their own loans and...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015340223

The German and Italian government bond markets : the role of banks versus non-banks : a joint study by Banca d'Italia and Bundesbank

Abbassi, Puriya; Bianchi, Michele Leonardo; Della … - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015195670

Monetary policy and life insurance profitability : bancassurance's edge in a low-yield world

Aguilar Perez, Pablo - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015198536

Subjective expectations and financial intermediation

D'Acunto, Francesco; Gao, Janet; Liu, Lu; Lu, Kai; … - 2025

Using a customized survey and an information-provision experiment, we establish that loan officers' individual subjective expectations about inflation, GDP growth, and policy rates vary substantially within and across bank types and have a sizable causal effect on credit supply decisions....

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015359045

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Subjective expectations and financial intermediation

D'Acunto, Francesco; Geo, Janet; Liu, Lu; Lu, Kai; … - 2025

Book / Working Paper

Does distance still matter? : evidence from 30 years of mortgage lending

Hampole, Menaka V.; Jørring, Adam; Monteiro, Joao - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015326126

The prudential toolkit with shadow banking

Hachem, Kinda; Kunci, Martin - 2025 - Revised March 2025

Several countries now require banks or money market funds to impose state-contingent costs on shortterm creditors to absorb financial stress. We study these requirements as part of the broader prudential toolkit in a model with five key ingredients: banks may face an aggregate stress state with...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015329942

Digital banking : how social media is shaping the game

Del Sarto, Nicola; Bocchialini, Elisa; Gai, Lorenzo; … - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015417142

The secondary market for syndicated loans

Siedlarek, Jan-Peter; Yankov, Vladimir - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015417968

Growth of non-bank financial intermediaries, financial stability, and monetary policy : prepared for the ECB Forum

Pelizzon, Loriana; Mattiello, Riccardo; Schlegel, Jonas - 2025

This paper examines the rise of non-bank financial intermediaries (NBFIs) and its implications for financial stability and monetary policy transmission in the Euro Area and the United States. While the U.S. financial system has long been market-based, the Euro Area has experienced a striking...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015425079