Macro-prudential policies should apply to shadow banking sector, researchers argue
Macro-prudential policies should apply to shadow banking sector, researchers argue
Macro-prudential regimes should be extended to cover the shadow banking sector, a working paper published by the International Monetary Fund argues. Some existing macro-prudential policies are raising demand for non-bank credit, which limits their effectiveness, a group of researchers argues.
Janko Cizel, Jon Frost, Aerdt Houben, and Peter Wierts believe their paper is the first to investigate whether macro-prudential policies lead to cross-sector credit substitution effects.
The authors look at
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