Nonbank financial intermediation in Austria – developments since 2008

Thomas Pöchel, Alexandra Schober-Rhomberg (), Alexander Trachta () and Matthias Wicho ()
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Alexandra Schober-Rhomberg: Oesterreichische Nationalbank, http://www.oenb.at
Alexander Trachta: Oesterreichische Nationalbank, Financial Markets Analysis and Surveillance Division

Financial Stability Report, 2019, issue 38, 74-86

Abstract: Nonbank finance is an alternative to bank finance that fosters competition in the supply of financing and supports economic activity. However, nonbank finance may also become a source of systemic risk, both directly and through its interconnectedness with the banking system, if it involves activities that are typically performed by banks, such as maturity or liquidity transformation and the creation of leverage. While in the EU, the relative importance of nonbank finance vis-à-vis traditional banking has increased noticeably in the past decade, the Austrian financial system is still dominated by the bank finance model. Overall, the fractional growth of nonbank finance assets is not seen as a concern in itself, as the risks from nonbank financial intermediation seem contained. Neither the structure nor the size of nonbank financial intermediation in Austria are currently considered to pose a threat to financial stability.

Keywords: nonbank finance; nonbank financial intermediation; nonbank financial institutions; investment funds; insurance corporations; pension funds; other financial institutions; finance leasing; systemic risk; financial stability (search for similar items in EconPapers)
JEL-codes: G23 (search for similar items in EconPapers)
Date: 2019
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Citations: View citations in EconPapers (1)

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