ABSTRACT

This paper investigates the driving forces of shadow banking in 27 EU Member States, using annual data for 1999–2020. To account for heterogeneity, the panel is split into two sub-groups labeled “old” Europe and Eastern Europe. The estimations provide evidence that bank assets, insurance corporation assets, interest rate spreads, and regulatory quality significantly determine shadow banking growth. Financial development also has a considerable influence. The strong link between shadow banking entities and insurance corporations highlights the need to create a framework to test the interconnectedness of financial institutions at the EU level.

中文翻译：

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欧盟成员国影子银行影响因素调查

摘要

本文使用 1999 年至 2020 年的年度数据调查了 27 个欧盟成员国影子银行的驱动力。为了考虑到异质性，该小组分为两个小组，分别标记为“旧”欧洲和东欧。这些估计提供的证据表明，银行资产、保险公司资产、利差和监管质量在很大程度上决定了影子银行的增长。金融发展也有相当大的影响。影子银行实体和保险公司之间的紧密联系凸显了建立一个框架来测试欧盟层面金融机构互联性的必要性。