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 …

We propose a structural framework for the development of system-wide financial stress tests
with multiple interacting contagion, amplification channels and heterogeneous financial …

This paper shows how the combined endogenous reaction of banks and investment funds to
an exogenous shock can amplify or dampen losses to the financial system compared to …

The ramifications of the Global Financial Crisis, which erupted in 2007, continue to surprise
not only the general public but also finance professionals, economists, and journalists …

We examine how the repo market operates during liquidity stress by applying network
analysis to novel transaction-level data of the overnight gilt repo market including the COVID …

We examine the impact of fire sales on the UK financial system through commonly held
assets across different financial sectors. In particular, we model indirect contagion via fire …

In this paper, we survey the rapidly developing literature on macroprudential stress-testing
models. The scope of the survey includes models of contagion between banks, models of …

Investors and regulators are increasingly concerned that climate changes, tipping points in
particular, pose serious risks for future economic growth. The authors extend a leading …

We examine how the overnight gilt repo market operates during three episodes of liquidity
stress, using novel transaction-level data on repurchase agreements on gilts. Using network …

The article discusses the importance of developing a system-wide stress testing framework
for a comprehensive assessment of financial stability risks. It analyses the impact of a severe …