IMF: rise of non-banks is reshaping policy transmission

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The IMF

The growth of the non-bank sector in many economies has strengthened the pass-through of monetary policy, but policy-makers need to be mindful of the changing transmission mechanism, International Monetary Fund officials said today (September 29).

"The impact of monetary policy tends to be stronger precisely in countries with larger non-bank sectors," said Gaston Gelos, assistant director of the IMF's monetary and capital markets department, during a press conference.

Some observers had argued

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