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Non-bank financial institutions: assessment of their impact on the stability of the financial system

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  • Patrice Muller
  • Graham Bishop
  • Shaan Devnani
  • Mark Lewis
  • Rohit Ladher
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    Abstract

    The study paper examines how non-bank financial institutions (in particular money market funds, private equity firms, hedge funds, pension funds and insurance undertakings, central counterparties, and UCITS and ETFs) have performed over the last decade and during the financial crisis. The report addresses the risks run by each of this type of institutions (credit, counterparty, liquidity, redemption, and fire sales risk), and highlights also the risks arising from a number of activities frequently undertaken by these institutions, in particular securitisation (a.o. agency risk), securities lending (a.o. counterparty risk) and repos (a.o. liquidity risk). The report finally provides a selected overview of approaches for the measurement of financial instability and financial distress.

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    File URL: http://ec.europa.eu/economy_finance/publications/economic_paper/2012/ecp472_en.htm
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    Bibliographic Info

    Paper provided by Directorate General Economic and Monetary Affairs (DG ECFIN), European Commission in its series European Economy - Economic Papers with number 472.

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    Length: 261 pages
    Date of creation: Nov 2012
    Date of revision:
    Handle: RePEc:euf:ecopap:0472

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