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The impact of shadow banks on monetary policy transmission in the Euro area
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Orientador(es)
Resumo(s)
This thesis examines the impact of shadow banks on monetary policy
transmission in the Euro Area. Utilizing balance sheet data of financial intermediaries
from 1999 to 2024 and employing local projection methods, the study analyzes how
different financial institutions respond to monetary policy shocks. The findings indicate
that shadow banks react more quickly and robustly than traditional financial institutions.
This accelerated response highlights shadow banks' significant role in the monetary
transmission mechanism. Consequently, policymakers must fully consider the existence
of shadow banks when designing strategies to ensure effective monetary policy
implementation and maintain financial stability.
Descrição
Palavras-chave
Shadow banks Monetary policy transmission Euro area Financial intermediaries