CEPR Discussion Paper – Where Do Banks End and NBFIs Begin?
Author(s):Viral Acharya, Nicola Cetorelli, Bruce Tuckman Date:March 2024 Abstract: In recent years, assets of non-bank financial intermediaries (NBFIs) have grown significantly relative to those of banks. These two sectors are commonly viewed either as operating in parallel, performing different activities, or as substitutes, performing substantially similar activities, with banks inside and NBFIs outside the perimeter[…]