BIS paper tests impact of macro-pru on non-banks

Domestic and foreign prudential policies have opposite effects on non-bank share, authors find

The Bank for International Settlements, Basel
The Bank for International Settlements, Basel
Photo: Ulrich Roth

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

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