Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/193547
Authors: 
Abad, Jorge
D'Errico, Marco
Killeen, Neill
Luz, Vera
Peltonen, Tuomas A.
Portes, Richard
Urbano, Teresa
Year of Publication: 
2017
Series/Report no.: 
ESRB Working Paper Series 40
Abstract: 
This paper provides a unique snapshot of the exposures of EU banks to shadow banking entities within the global financial system. Drawing on a rich and novel dataset, the paper documents the cross-sector and cross-border linkages and considers which are the most relevant for systemic risk monitoring. From a macroprudential perspective, the identification of potential feedback and contagion channels arising from the linkages of banks and shadow banking entities is particularly challenging when shadow banking entities are domiciled in different jurisdictions. The analysis shows that many of the EU banks' exposures are towards non-EU entities, particularly US-domiciled shadow banking entities. At the individual level, banks' exposures are diversified although this diversification leads to high overlap across different types of shadow banking entities.
Subjects: 
shadow banking
interconnectedness
financial stability
macroprudential policy
JEL: 
F65
G21
G23
Persistent Identifier of the first edition: 
ISBN: 
978-92-95081-99-4
Document Type: 
Working Paper
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