Macro-prudential policies have different impacts on non-banks depending on whether the policies are imposed domestically or abroad, research published by the Bank for International Settlements finds.

In the working paper, Stijn Claessens et al study how macro-prudential polices affect the share of financial assets held by the non-bank sector. They test the impact of policies across 24 jurisdictions on the “narrow measure” of non-bank financial intermediation (NBFI), as defined by the Financial