Transmission of liquidity shocks through non-bank financial intermediaries: Evidence from the International Banking Research Network
As non-bank financial intermediaries (NBFIs) have become more important in recent decades, their involvement in funding markets as well as roles in financial crises have also increased. With substantial heterogeneity across NBFIs’ business models and striking differences in the composition of the NBFI sectors across countries, evidence on the transmission of liquidity shocks through NBFIs…