Olmo, Francisco del

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Shadow banking: A distortion of the banking business

Since the great recession, shadow banking has been growing worldwide, especially in the US and the Eurozone. However, monetary tightening and new capital requirements for private equity will likely slow down shadow banking growth.

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Shadow banking: una distorsión de negocio bancario

Este trabajo analiza las principales características del shadow banking y realiza un análisis cuantitativo dividido en dos partes. La primera permite estudiar los factores determinantes del tamaño de la banca en la sombra en la eurozona, tanto de factores macroeconómicos como de otros relacionados con el desarrollo y la estabilidad financiera. La segunda parte compara los resultados obtenidos en la primera con el principal sistema bancario internacional, el de Estados Unidos.

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Monetary policy and business lending: Impact on pricing

The recent reversal of the ECB´s unconventional monetary policy is already driving interest rates higher, raising the risk of triggering an increase in corporate bankruptcies, which would increase the private sector´s marginal cost of borrowing even further. As interest rate hikes have started around the world, global central banks will have to determine whether or not they chose to live with inflation, or risk adverse consequences for the economy.

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