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Placing the Czech shadow banking sector under the light

The result's identifiers

  • Result code in IS VaVaI

    <a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F61989100%3A27510%2F20%3A10237881" target="_blank" >RIV/61989100:27510/20:10237881 - isvavai.cz</a>

  • Result on the web

    <a href="https://pep.vse.cz/artkey/pep-202001-0001_placing-the-czech-shadow-banking-sector-under-the-light.php" target="_blank" >https://pep.vse.cz/artkey/pep-202001-0001_placing-the-czech-shadow-banking-sector-under-the-light.php</a>

  • DOI - Digital Object Identifier

    <a href="http://dx.doi.org/10.18267/j.pep.710" target="_blank" >10.18267/j.pep.710</a>

Alternative languages

  • Result language

    angličtina

  • Original language name

    Placing the Czech shadow banking sector under the light

  • Original language description

    The size of the shadow banking sector (SBS) has more than doubled in the Czech Republic over the last decade. This places a potential burden on policy makers. On the one hand, the SBS complements regular banking by expanding access to credit and investments, enabling better risk sharing and maturity transformation, and supporting market liquidity. On the other hand, SBS activities can put the stability of the financial system at risk and amplify its procyclicality by exacerbating the buildup of leverage and asset price bubbles. We implement a FAVAR model of the Czech economy to determine the impact of macroeconomic factors on the SBS. We find that the SBS: (i) is sensitive to changes in market interest rates and term spread; (ii) exhibits great procyclicality; (iii) can act as a complement to regular banking and satisfy some additional demand for credit. We also define some potential risks of continued growth of the SBS, linked to our empirical evidence.

  • Czech name

  • Czech description

Classification

  • Type

    J<sub>imp</sub> - Article in a specialist periodical, which is included in the Web of Science database

  • CEP classification

  • OECD FORD branch

    50202 - Applied Economics, Econometrics

Result continuities

  • Project

    <a href="/en/project/GA16-13784S" target="_blank" >GA16-13784S: Financial sector policy and institutions: Current challenges in balancing financial development and stability</a><br>

  • Continuities

    S - Specificky vyzkum na vysokych skolach

Others

  • Publication year

    2020

  • Confidentiality

    S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Data specific for result type

  • Name of the periodical

    Prague Economic Papers

  • ISSN

    1210-0455

  • e-ISSN

  • Volume of the periodical

    29

  • Issue of the periodical within the volume

    1

  • Country of publishing house

    CZ - CZECH REPUBLIC

  • Number of pages

    26

  • Pages from-to

    3-28

  • UT code for WoS article

    000517763900001

  • EID of the result in the Scopus database