Examining the Role of the Shadow Banking System and Economic Heterogeneity for Financial and Monetary Stability in the Euro Area

Projekt Start: 06/2014
Status: Beendet
Forscher: Günter Beck, Hans-Helmut Kotz, Natalia Zabelina
Kategorie: Financial Institutions, Macro Finance
Finanziert von: LOEWE

In recent years, the euro area has experienced two very severe crises which had dramatic consequences for economic and financial stability and temporarily even endangered the sheer existence of the monetary union in its current form. While a lot of research has been conducted to address the sources of these crises and considerable policy efforts have been undertaken to prevent similar crises to happen, there still remain some important issues to be addressed, both by research and policy. In our project we conduct a research-based policy analysis of two of these open issues. (i) To increase the stability of the financial system, major changes with respect to the regulation of banks have been implemented. Concerning other financial intermediaries, which often conduct similar activities as banks and which are therefore often referred to as “shadow banks”, the reforming process has, however,  been lagging behind considerably. The first aim of our project is to provide a comprehensive analysis of recent developments in the area of shadow-banking/non-bank banking in the euro area, the potential threats these activities impose onto the financial system and their role in and for the real economy. (ii) In the second part of our work, we intend to deliver novel insights into the recently, again heatedly, discussed issue of the role of economic heterogeneity in the euro area. One major focus of our analyses will be on the role of differences in (local) financial markets for the transmission of the common monetary policy.

Zugehörige Policy Publikationen

Autor Titel Publiziert
Günter Beck,
Hans-Helmut Kotz
Euro Area Shadow Banking Activities in a Low-Interest-Rate Environment: A Flow-of-Funds Perspective
White Paper No. 37
2016
Günter Beck,
Hans-Helmut Kotz,
Natalia Zabelina
Lost in Translation? ECB’s Monetary Impulses and Financial Intermediaries’ Responses
White Paper No. 36
2016
Günter Beck,
Hans-Helmut Kotz,
Natalia Zabelina
Euro Area Macro-Financial Stability: A Flow-of-Funds Perspective
White Paper No. 29
2015

 

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