 Changing Landscape of NBFIs in Financial Systems––A Comparative Analysis of Japan, the U.S., and Germany––Marina Eguchi,
Tomohiro Okubo,
Kenta Yamamoto and
Kazuaki Washimi
No 25-E-7, Bank of Japan Review Series from Bank of Japan Abstract: The total assets of non-bank financial intermediaries (NBFIs) worldwide have been expanding since the global financial crisis. This report assesses the presence of domestic and foreign NBFIs in the domestic financial system and their interconnectedness with banks in Japan, the U.S., and Germany, using various data such as flow of funds and statistics from international organizations. The size of NBFIs varies across countries as the share of financial assets held by NBFIs stands at over 50 percent in the U.S., while it hovers only around 20-30 percent in Japan and Germany. That said, given the presence of foreign NBFIs, data suggest that the assets under management by NBFIs have become sizable in all three countries––particularly in bond and stock markets––, and the interconnectedness measured by mutual exposure between banks and NBFIs has increased. Keywords: non-bank financial institutions; financial intermediation; government policy and regulation (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:boj:bojrev:rev25e07 Access Statistics for this paper More papers in Bank of Japan Review Series from Bank of Japan Contact information at EDIRC. |
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