Non-bank financial institutions: assessment of their impact on the stability of the financial system
AbstractThe 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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Bibliographic InfoPaper provided by Directorate General Economic and Monetary Affairs (DG ECFIN), European Commission in its series European Economy - Economic Papers with number 472.
Length: 261 pages
Date of creation: Nov 2012
Date of revision:
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Web page: http://ec.europa.eu/economy_finance/index_en.htm
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Find related papers by JEL classification:
- G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
This paper has been announced in the following NEP Reports:
- NEP-ALL-2012-12-15 (All new papers)
- NEP-BAN-2012-12-15 (Banking)
- NEP-CBA-2012-12-15 (Central Banking)
- NEP-CFN-2012-12-15 (Corporate Finance)
- NEP-EEC-2012-12-15 (European Economics)
- NEP-RMG-2012-12-15 (Risk Management)
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