Over the last two decades, the unprecedented increase in non-bank financial intermediation,
particularly the rise of open-end mutual funds and exchange-traded funds, accounts for …

This article reviews research and policy work on nonbank financial intermediation (NBFI),
taking a financial stability perspective. It first documents the growth in NBFI, reviews its …

NBFIs offer a broad range of investment and funding opportunities; as such, they are a
healthy source of diversity in external financing. They cover areas that banks do not, they …

Open-end mutual funds offer investors same-day liquidity while holding assets that in some
cases take several days to sell. This liquidity transformation creates a potentially …

We investigate the drivers and impact of suspending redemptions for European mutual
funds. Using a novel data set of funds that suspended redemptions during the COVID19 …

We study the macroeconomic implications of non-bank financial institutions (NBFIs) in the
context of the 2022 UK gilt crisis and estimate the monetary policy spillovers of financial …

We study bond fund flows to provide new evidence for the link between mutual fund
leverage and financial fragility. Using novel data on mutual fund leverage, we find that …

We investigate the effects that mutual fund liquidity requirements have on fragility. Starting in
2018, SEC Rule 22e-4 restricted ownership of illiquid securities in funds. As expected, post …

This paper explores liquidity management practices in Czech open-ended bond and equity
funds. I reconstruct cash flows stemming from investors and securities, and cash flows …

We examine the determinants of investor flows into, and the potential market fragility
imposed by, US municipal bond mutual funds. We find that funds have a linear flow …