Economic uncertainty and non-bank financial intermediation: Evidence from a European panel

被引：2

作者：

Hodula, Martin ^{[1
,2
]}

Peric, Blanka Skrabic ^{[3
]}

Soric, Petar ^{[4
]}

机构：

[1] Czech Natl Bank, Dept Financial Stabil, Prague, Czech Republic

[2] VSB Tech Univ Ostrava, Dept Econ, Ostrava, Czech Republic

[3] Univ Split, Fac Econ Business & Tourism, Split, Croatia

[4] Univ Zagreb, Fac Econ & Business, Zagreb, Croatia

来源：

FINANCE RESEARCH LETTERS | 2023年 / 53卷

关键词：

Shadow banking; Non -bank financial intermediation; Economic uncertainty; Risk aversion; POLICY UNCERTAINTY; MERGERS; RISK;

D O I：

10.1016/j.frl.2023.103675

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

In the paper, we measure the connection between (economic) uncertainty and dynamics of the shadow banking sector in a panel of 27 European countries spanning the 1999Q1-2021Q4 period. Our results show that the shadow banking sector growth declines heavily during stressful periods associated with a hike in market uncertainty and risk-aversion but also uncertainty related to the economic policy conduct. Results question the ability of the shadow banking sector to secure funding to the economy during less tranquil times when liquidity quickly evaporates.

引用

页数：6

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