We establish currency as an important factor sha** global portfolios. Using a new security-
level data set, we demonstrate that investor holdings are biased toward their own currencies …

This paper is the result of a crowdsourced effort to surface perspectives on the present and
future direction of international finance. The authors are researchers in financial economics …

We study the impact of the interplay between the structure of the financial network and
market conditions on financial stability in the European banking system. We capture two …

Cross-border links between banks and non-bank financial institutions (NBFIs) gained
momentum in recent years. Banks' cross-border claims on NBFIs rose from $4.6 trillion in Q1 …

We analyse how macroprudential policies (MaPs), largely applied to banks and to a lesser
extent borrowers, affect non-bank financial intermediation (NBFI). Using data for 24 of the …

This paper studies the extreme risk spillover between 183 Eurozone financial institutions
(such as banks, insurances, diversified financial, real estate firms) over the period 2005 …

One way systemic risk can crystallise is through fire sales of commonly held assets. This
paper examines fire sale vulnerabilities across different types of financial institution …

This paper aims to analyse the tail risk spillover between banks, insurance companies and
the shadow banking system in the Eurozone contest. These intra-sectoral …

This paper uses novel data from the European Central Bank and the Eurosystem on non-
bank financial intermediation to investigate the potential factors of shadow banking growth …

The global financial crisis proved that banks are not the sole source of systemic risk to the
financial system and the wider economy. Indeed, systemic risk emanating from non-bank …