The Role of Other Financial Intermediaries in Monetary and Credit Developments in the Euro Area

62 Pages Posted: 23 Oct 2007

See all articles by Philippe Moutot

Philippe Moutot

European Central Bank (ECB)

Dieter Gerdesmeier

European Central Bank (ECB)

Adriana Lojschova

European Central Bank (ECB)

Julian von Landesberger

European Central Bank (ECB)

Date Written: October 2007

Abstract

Monetary growth has increased significantly in the euro area in recent years, raising concerns about the risks to price stability. Viewed from a sectoral perspective, this increase reflects to a large extent the deposit holdings of other financial intermediaries (OFIs). This paper presents analytical work on the role of OFIs in monetary and credit developments in the euro area. Although, at the moment, some shortcomings in the data available - such as the lack of long time series data - seriously limit the analysis of the role of OFIs in monetary and credit aggregates, it seems clear that OFIs have gained considerable importance in recent years, not only as a factor affecting monetary developments, but also for the functioning of the financial system. This gain in importance may be due to financial deregulation and liberalisation, as well as financial innovation. These developments are reflected in the integration and deepening of euro area financial markets, as well as in investors' attitude to risk.

Suggested Citation

Moutot, Philippe and Gerdesmeier, Dieter and Lojschova, Adriana and von Landesberger, Julian, The Role of Other Financial Intermediaries in Monetary and Credit Developments in the Euro Area (October 2007). ECB Occasional Paper No. 75. Available at SSRN: https://ssrn.com/abstract=1005933

Philippe Moutot (Contact Author)

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany

Dieter Gerdesmeier

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany

Adriana Lojschova

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany

Julian Von Landesberger

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany

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