The international effort to manage NBFI risks: where do we stand?

Maurizio Trapanese details progress made during the Italian G20 presidency as well as outstanding macro-pru issues

The non-bank financial intermediation (NBFI) sector has grown considerably over the past decade to represent almost half of global financial assets, compared with 42% in 2008.1 It plays a key role in the financing of the real economy and in the management of global financial assets. This expansion has mainly been driven by the growth of investment funds, insurance corporations and pension funds.

The underlying drivers for this growth include: long-term demographic trends leading to asset

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