TY  - UNPD
A1  - Beck, Günter
A1  - Kotz, Hans-Helmut
A1  - Zabelina, Natalia
T1  - Euro area macro-financial stability: a flow-of-funds perspective
T2  - SAFE white paper series, 29
N2  - The global financial crisis (as well as the European sovereign debt crisis) has led to a substantial redesign of rules and institutions – aiming in particular at underwriting financial stability. At the same time, the crisis generated a renewed interest in properly appraising systemic financial vulnerabilities. Employing most recent data and applying a variety of largely only recently developed methods we provide an assessment of indicators of financial stability within the Euro Area. Taking a “functional” approach, we analyze comprehensively all financial intermediary activities, regardless of the institutional roof – banks or non-bank (shadow) banks – under which they are conducted. Our results reveal a declining role of banks (and a commensurate increase in non-bank banking). These structural shifts (between institutions) are coincident with regulatory and supervisory reforms (implemented or firmly anticipated) as well as a non-standard monetary policy environment. They might, unintendedly, actually imply a rise in systemic risk. Overall, however, our analyses suggest that financial imbalances have been reduced over the course of recent years. Hence, the financial intermediation sector has become more resilient. Nonetheless, existing (equity) buffers would probably not suffice to face substantial volatility shocks.
T3  - SAFE white paper series - 29 
KW  - bank and non-bank financial intermediation
KW  - shadow banking
KW  - financial stability
KW  - systemic risk
KW  - financial regulation
Y1  - 2015
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/39062
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30:3-390627
UR  - http://safe-frankfurt.de/de/policy-center/publikationen/detailsview/publicationname/-568e4d79c4.html
PB  - SAFE, Sustainable Architecture for Finance in Europe
CY  - Frankfurt
ER  -