Skip to main content

Table 4 Key literature on determinants of SB

From: Shadow banking: a bibliometric and content analysis

References Journal/conference Country/region Main arguments/findings
Apostoaie and Bilan (2020) Economic Research-Ekonomska Istraživanja Central and Eastern European countries Economic growth and institutional investor’s higher funding demand positively affect the development of the shadow banking sector. Additionally, investors depend on shadow banks for higher yields in a low-interest rate situation
Barbu et al. (2016) Review of Economics and Business Studies 15 European countries Stock market indices and the long-term interest rates positively influence the shadow banking size, while the development of investment funds and the M2/GDP ratio negatively impact
Hodula et al. (2017) European Financial Systems 2017 Spain An increase in term spreads and low interest rates tend to affect the growth of shadow banking positively. Moreover, the country-specific characteristics and individual components of shadow banking have due importance in such studies
Zhou and Tewari (2019a) Cogent Economics & Finance 14 emerging economies and Singapore A negative relationship exists between shadow banking and monetary policy. Shadow banking increases when bank risk-taking is reduced
Hodula et al. (2020) Economic Systems 24 EU countries Difficile financial development, strict regulation, and demand for long-term institutional investors positively influence the shadow banking growth
Kim (2017) IFC Conference, Bank for International Settlements G-20 Countries Insurance companies and pension funds positively influence shadow banking growth. The size of banks’ assets also reveals similar results
Duca (2016) Journal of Banking & Finance USA Change in information and reserve requirements costs and shift in bank-nonbank credit sources regulation has a negative and long-run impact on shadow banks’ share in funding short-term business debt. This share fell in the short run when short-term liquidity premia, term premia, and event risks in the security market increased