BoE paper finds non-banks act as global stabilisers

US dollars

The non-bank financial sector helps to dampen the global impact of US monetary policy shocks, research published by the Bank of England finds.

David Elliott, Ralf R Meisenzahl and José-Luis Peydró carry out an empirical study of how banks and non-banks respond to a US monetary policy tightening. They focus on the syndicated lending market, which allows them to see how banks and non-banks lend to the same firm in the same period. They also control for factors that might impact both lending and

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ETFs in reserve management focus report 2022

Exchange traded funds (ETFs) have risen in popularity among investors and may be of interest to central bank reserve managers in pursuit of safety, liquidity and returns. Central bank mandates vary, but all reserve managers must navigate a new, complex…

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