Where Do Banks End and NBFIs Begin?
研究了银行与非银行金融机构（NBFIs）之间日益增长的相互依赖关系，指出银行在向NBFIs提供流动性方面仍具特殊性，并探讨了监管应对措施。
Abstract Nonbank financial intermediaries (NBFIs) have grown significantly relative to banks. We argue that this growth reflects a transformation of the activities and risks of banks and NBFIs, driven at least in part by changes in bank regulation. We document through new regulatory data, case studies, and empirical analyses that banks remain special as providers of both routine and emergency liquidity to NBFIs and that the sectors have become increasingly interdependent. We discuss some potential regulatory responses, including considering the two sectors holistically and exploring new ways to internalize the costs of systemic risk arising from bank-NBFI interconnectedness.