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Changing Landscape of NBFIs in Financial Systems––A Comparative Analysis of Japan, the U.S., and Germany––

Author

Listed:
  • Marina Eguchi

    (Bank of Japan)

  • Tomohiro Okubo

    (Bank of Japan)

  • Kenta Yamamoto

    (Bank of Japan)

  • Kazuaki Washimi

    (Bank of Japan)

Abstract

The total assets of non-bank financial intermediaries (NBFIs) worldwide have been expanding since the global financial crisis. This report assesses the presence of domestic and foreign NBFIs in the domestic financial system and their interconnectedness with banks in Japan, the U.S., and Germany, using various data such as flow of funds and statistics from international organizations. The size of NBFIs varies across countries as the share of financial assets held by NBFIs stands at over 50 percent in the U.S., while it hovers only around 20-30 percent in Japan and Germany. That said, given the presence of foreign NBFIs, data suggest that the assets under management by NBFIs have become sizable in all three countries––particularly in bond and stock markets––, and the interconnectedness measured by mutual exposure between banks and NBFIs has increased.

Suggested Citation

  • Marina Eguchi & Tomohiro Okubo & Kenta Yamamoto & Kazuaki Washimi, 2025. "Changing Landscape of NBFIs in Financial Systems––A Comparative Analysis of Japan, the U.S., and Germany––," Bank of Japan Review Series 25-E-7, Bank of Japan.
    • Handle: RePEc:boj:bojrev:rev25e07
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    More about this item

    Keywords

    non-bank financial institutions; financial intermediation; government policy and regulation;
    All these keywords.

    JEL classification:

    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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