THE RELATIONSHIP BETWEEN THE MARKET OF NON-BANK FINANCIAL INSTITUTIONS AND THE MARKET OF TRADITIONAL BANKING: WORLD PRACTICE AND RUSSIAN EXPERIENCE
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Author(s): | Chudinovskikh M. V., Gudoshnikova Y. V., |
| Number of journal: | 4(69) | Date: | November 2024 |
| Annotation: | The article is devoted to the study of the joint behavior of the market of non-bank financial intermediation and the market of traditional bank credit intermediation. In the process of preparing the article, the terminology of non-bank financial intermediation was studied, which was first proposed and introduced into economic circulation at the international level by the Financial Stability Board (FSB). The structural diversity of the non-bank financial intermediation market is noted and the taxonomy of this market used by the FSB is described. The sector of other financial intermediaries (OFIs) in the general structure of non-bank financial intermediation is highlighted and the use of statistical data specifically in relation to the selected sector for the purposes of analysis is justified. It is established that today the OFIs market, according to the FSB methodology, consists of a variety of financial structures, which include, for example: investment funds (private equity funds, fixed income funds, mixed/other funds); money market funds; hedge funds; captive financial institutions, microfinance companies, peer-to-peer lending, etc. It is indicated that the OFIs market is a generator of systemic risk and due to the interconnection of this market with the traditional banking market, the latter can be transferred to the corresponding risks that threaten financial stability as a result. In this regard, based on the methodology of the Financial Stability Board, which evaluates the non-bank financial intermediation market based on data from 29 jurisdictions from different regions of the world, generating about 80% of global GDP, the authors conducted a comparative analysis of the OFIs market and the traditional banking market and investigated the possible correlation between these markets. It is concluded that there is a positive correlation between the indicators characterizing the behavior of the market of non-bank financial intermediaries and the traditional banking market. | ||
| Keywords: | non-bank financial institutions, non-bank financial intermediation, traditional banking, traditional banking market, alternative financing, other financial intermediaries, correlation dependence, financial stability, systemic risk, Financial Stability Board |
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| For citation: | Gudoshnikova Y. V., Chudinovskikh M. V. The relationship between the market of non-bank financial institutions and the market of traditional banking: world practice and Russian experience. Biznes. Obrazovanie. Pravo = Business. Education. Law. 2024;4(69):124—129. DOI: 10.25683/VOLBI.2024.69.1149. |
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