Negative interest rates and shadow banking
研究了负利率政策对影子银行规模的影响，发现影子银行实体规模缩小，且影响因国家特征和实体特征而异。
We examine the effects of negative interest rate policy (NIRP) on the scale of shadow banking. Utilising a Triple Differences (TD) model and a cross-country dataset of 676 non-bank financial intermediaries from 28 OECD countries over the period 2011–2017, we observe a reduction in the size of shadow banking entities. Moreover, the impact of NIRP is heterogeneous based on country- and entity-specific characteristics such as inflation , entity size, and specialisation. Larger entities in moderate to high inflation environments tend to experience more significant size contractions. Our findings remain robust across various tests.