Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/334967 
Year of Publication: 
2025
Series/Report no.: 
ESRB Occasional Paper Series No. 27
Publisher: 
European Systemic Risk Board (ESRB), European System of Financial Supervision, Frankfurt a. M.
Abstract: 
Andersen and Sánchez Serrano (2024) define a methodology for building a map of the euro area financial system using data from the quarterly sectoral accounts of the euro area (complemented with data from other sources). This map can be useful for macroprudential authorities in regularly monitoring interconnections, contagion channels and systemic risk dynamics. We develop three extensions to the map that should increase its relevance: (i) the use of euro area Distributional Wealth Accounts to consider households according to their wealth; (ii) a breakdown of the other financial institutions sector into other financial intermediaries, financial auxiliaries, and captive financial institutions and money lenders; and (iii) using international investment position data to compute exposures to the rest of the world by country. In addition to the series codes on the ECB Data Portal to retrieve the relevant data, we illustrate the potential analytical application of each of the three extensions. In a nutshell, our analysis of the euro area household sector according to wealth shows that the aggregate figures conceal significant heterogeneity. Using data from the quarterly sectoral accounts, we are able to gain a clearer overview of other financial institutions, identifying the links with banks through securitisation vehicles and with non-financial corporations through captive financial institutions. Finally, although we cannot match exactly all the financial instruments in the balance sheet, data on the institutional investment position shows, among others, a continuous increase in the portfolio investments of euro area residents in the United States since 2013.
Subjects: 
interconnections
flow of funds
household finance
non-bank financial intermediation
international finance
JEL: 
F30
G20
G50
Persistent Identifier of the first edition: 
ISBN: 
978-92-9472-427-4
Document Type: 
Research Report

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