Investigating the Factors Influencing Shadow Banking in EU Member States

This paper investigates the driving forces of shadow banking in 27 EU Member States, using annual data for 1999-2020. To account for heterogeneity, the panel is split into two sub-groups labeled "old" Europe and Eastern Europe. The estimations provide evidence that bank assets, insurance c...

Celý popis

Uloženo v:
Podrobná bibliografie
Vydáno v:Eastern European economics Ročník 62; číslo 6; s. 694 - 714
Hlavní autoři: Petkovski, Mihail, Stojkov, Aleksandar, Kjosevski, Jordan
Médium: Journal Article
Jazyk:angličtina
Vydáno: Abingdon Routledge 01.11.2024
Taylor & Francis Ltd
Témata:
Assets
Banking
Companies
Connectedness
Economic development
European cultural groups
Financial development
Financial institutions
Insurance
Interest rates
Panel data
panel data models
Shadow banking
traditional banking
Eastern Europe
Europe
ISSN:0012-8775, 1557-9298
On-line přístup:Získat plný text
Tagy: Přidat tag
Žádné tagy, Buďte první, kdo vytvoří štítek k tomuto záznamu!
Abstract This paper investigates the driving forces of shadow banking in 27 EU Member States, using annual data for 1999-2020. To account for heterogeneity, the panel is split into two sub-groups labeled "old" Europe and Eastern Europe. The estimations provide evidence that bank assets, insurance corporation assets, interest rate spreads, and regulatory quality significantly determine shadow banking growth. Financial development also has a considerable influence. The strong link between shadow banking entities and insurance corporations highlights the need to create a framework to test the interconnectedness of financial institutions at the EU level.
AbstractList This paper investigates the driving forces of shadow banking in 27 EU Member States, using annual data for 1999–2020. To account for heterogeneity, the panel is split into two sub-groups labeled “old” Europe and Eastern Europe. The estimations provide evidence that bank assets, insurance corporation assets, interest rate spreads, and regulatory quality significantly determine shadow banking growth. Financial development also has a considerable influence. The strong link between shadow banking entities and insurance corporations highlights the need to create a framework to test the interconnectedness of financial institutions at the EU level.
Author Kjosevski, Jordan
Petkovski, Mihail
Stojkov, Aleksandar
Author_xml – sequence: 1
  givenname: Mihail
  surname: Petkovski
  fullname: Petkovski, Mihail
  organization: Financial markets and institutions, international finance, and macroeconomics
– sequence: 2
  givenname: Aleksandar
  surname: Stojkov
  fullname: Stojkov, Aleksandar
  email: a.stojkov@pf.ukim.edu.mk
  organization: Macroeconomics; international finance, empirics of growth
– sequence: 3
  givenname: Jordan
  surname: Kjosevski
  fullname: Kjosevski, Jordan
  organization: Macroeconomics; financial management
BookMark eNqFkM1OAjEUhRuDiYA-gskkrgf7M52WuFEJCAnGBbJu2pkOFIcWO0XC2zsNuHGhq5tzc869J18PdKyzGoBbBAcIcngPIcKcMTrAEJMBxohixC5AF1HK0iEe8g7oRk8aTVeg1zSbKIc564LpzH7pJpiVDMaukrDWyUQWwfkmmdmq3mtbxP1iLUt3SJ6l_YjS2GS8TF71VmmfLIIMurkGl5WsG31znn2wnIzfR9N0_vYyGz3N0yLDPKQZqzAhJYZc6bwqGFZKKgk55artlBPFaKWLrECsLBVSUJUyo4jjnBNJmcxIH9yd7u68-9y31cXG7b1tXwqC0DCjhDDYuh5OrsK7pvG6EoVpaxpng5emFgiKiE78oBMRnTija9P0V3rnzVb647-5x1PO2Mr5rTw4X5ciyGPtfOVlizKW_PPEN3bYhiQ
CitedBy_id crossref_primary_10_2478_jeb_2024_0013
crossref_primary_10_1142_S308284492550006X
crossref_primary_10_3390_su16104280
Cites_doi 10.1016/S0304-4076(98)00009-8
10.18045/zbefri.2020.2.407
10.2307/2297968
10.1515/rebs-2016-0037
10.2139/ssrn.2232016
10.1146/annurev-financial-102710-144915
10.1016/j.intfin.2013.07.012
10.1016/j.ecosys.2020.100808
10.1111/jofi.12540
10.1016/j.iref.2018.01.005
10.1016/j.chieco.2016.09.001
10.1016/j.jeconom.2007.05.010
10.1017/S0003055416000216
10.1111/aehr.12167
10.1016/S0165-1765(99)00130-5
10.1016/j.jfineco.2012.09.004
10.17705/1jais.00302
10.1016/j.jbankfin.2015.06.016
10.1017/CBO9781139839327
10.1080/1331677X.2019.1633943
10.1007/s40797-016-0032-0
10.1016/0304-4076(94)01642-D
10.1080/1331677X.2014.947107
10.2139/ssrn.2761169
10.1177/1536867X211000004
10.5089/9781475583588.006
10.2307/1911408
10.1177/1536867X0900900106
10.5089/9781513583709.001
10.1016/0378-4266(92)90045-2
ContentType Journal Article
Copyright 2023 Taylor & Francis Group, LLC 2023
2023 Taylor & Francis Group, LLC
Copyright_xml – notice: 2023 Taylor & Francis Group, LLC 2023
– notice: 2023 Taylor & Francis Group, LLC
DBID AAYXX
CITATION
7TQ
DHY
DON
DOI 10.1080/00128775.2023.2215217
DatabaseName CrossRef
PAIS Index
PAIS International
PAIS International (Ovid)
DatabaseTitle CrossRef
PAIS International
DatabaseTitleList PAIS International
DeliveryMethod fulltext_linktorsrc
Discipline Economics
EISSN 1557-9298
EndPage 714
ExternalDocumentID 10_1080_00128775_2023_2215217
2215217
Genre Research Article
GeographicLocations Eastern Europe
Europe
GeographicLocations_xml – name: Eastern Europe
– name: Europe
GroupedDBID -~X
0BK
0R~
3R3
4.4
5GY
8VB
AABCJ
AAGDL
AAHIA
AAMFJ
AAMIU
AAPUL
AAZMC
ABCCY
ABCQX
ABECW
ABFIM
ABJNI
ABKVW
ABLIJ
ABPEM
ABTAI
ABXUL
ABXYU
ABYRZ
ABYYQ
ACGFS
ACHQT
ACNCT
ACTIO
ACTOA
ACVFL
ADAHI
ADCVX
ADKVQ
ADMHG
ADPTO
AECIN
AEFOU
AEISY
AEMOZ
AEYOC
AEZRU
AFRVT
AGDLA
AGRBW
AHAJD
AHDZW
AHQJS
AIJEM
AIYEW
AKBVH
AKVCP
ALMA_UNASSIGNED_HOLDINGS
ALQZU
AQTUD
AVBZW
AWYRJ
BEJHT
BLEHA
BMOTO
BOHLJ
CCCUG
CS3
DGFLZ
DKSSO
DU5
EBE
EBO
EBR
EBS
EBU
EMK
EOH
EPL
F5P
GTTXZ
H13
HZ~
IPNFZ
JAB
JST
K1G
KYCEM
L7B
LJTGL
M4Z
MAY
MES
MET
O-X
O9-
PQQKQ
QWB
RIG
RNANH
ROSJB
RSYQP
STATR
TASJS
TBQAZ
TDBHL
TEK
TFH
TFL
TFW
TH9
TN5
TNTFI
TRJHH
TUROJ
WH7
ZL0
~.W
1OL
2AX
8H~
AAFVA
AAHCP
AANYG
AAOAC
AAOXQ
AAYXX
ABBHK
ABGBO
ABXSQ
ACEWE
ACNXC
ACNXV
ACUHF
ACXJH
ADCGH
ADGDI
ADQGD
ADRTI
ADULT
AEQHL
AEUPB
AEZSO
AFFNX
AFUNZ
AGQQZ
AHEXP
AHSWU
AMATQ
AOTUK
APTMU
ARPNQ
ASMEE
AS~
AWPGZ
BCKCY
BGEDN
CAG
CBXGM
CHNMF
CITATION
COF
EJD
GPZZG
HECYW
HJNLM
HVGLF
IPSME
JAAYA
JBMMH
JBU
JENOY
JHFFW
JKQEH
JLEZI
JLXEF
JPL
JPPEU
LPU
MIDIT
MVM
ODZWD
RNS
SA0
7TQ
DHY
DON
ID FETCH-LOGICAL-c428t-47f233d208be6fc72bbaba0858b00163b75fec4c17ddb1b0bda45182683a57a43
IEDL.DBID TFW
ISICitedReferencesCount 3
ISICitedReferencesURI http://www.webofscience.com/api/gateway?GWVersion=2&SrcApp=Summon&SrcAuth=ProQuest&DestLinkType=CitingArticles&DestApp=WOS_CPL&KeyUT=000994686600001&url=https%3A%2F%2Fcvtisr.summon.serialssolutions.com%2F%23%21%2Fsearch%3Fho%3Df%26include.ft.matches%3Dt%26l%3Dnull%26q%3D
ISSN 0012-8775
IngestDate Sat Nov 08 00:05:08 EST 2025
Sat Nov 29 06:12:06 EST 2025
Tue Nov 18 22:42:28 EST 2025
Mon Oct 20 23:45:45 EDT 2025
IsPeerReviewed true
IsScholarly true
Issue 6
Language English
LinkModel DirectLink
MergedId FETCHMERGED-LOGICAL-c428t-47f233d208be6fc72bbaba0858b00163b75fec4c17ddb1b0bda45182683a57a43
Notes ObjectType-Article-1
SourceType-Scholarly Journals-1
ObjectType-Feature-2
content type line 14
PQID 3119453370
PQPubID 34051
PageCount 21
ParticipantIDs crossref_primary_10_1080_00128775_2023_2215217
proquest_journals_3119453370
crossref_citationtrail_10_1080_00128775_2023_2215217
informaworld_taylorfrancis_310_1080_00128775_2023_2215217
PublicationCentury 2000
PublicationDate 2024-11-01
PublicationDateYYYYMMDD 2024-11-01
PublicationDate_xml – month: 11
  year: 2024
  text: 2024-11-01
  day: 01
PublicationDecade 2020
PublicationPlace Abingdon
PublicationPlace_xml – name: Abingdon
PublicationTitle Eastern European economics
PublicationYear 2024
Publisher Routledge
Taylor & Francis Ltd
Publisher_xml – name: Routledge
– name: Taylor & Francis Ltd
References e_1_3_3_30_1
IMF (e_1_3_3_29_1) 2014
Hodula M. (e_1_3_3_26_1) 2018; 16
Duca M. (e_1_3_3_18_1) 2017
Edwards F. (e_1_3_3_21_1) 1995; 1
e_1_3_3_17_1
e_1_3_3_39_1
e_1_3_3_19_1
FSB (e_1_3_3_22_1) 2011
e_1_3_3_37_1
e_1_3_3_13_1
e_1_3_3_38_1
e_1_3_3_16_1
e_1_3_3_35_1
e_1_3_3_15_1
e_1_3_3_36_1
e_1_3_3_10_1
e_1_3_3_33_1
e_1_3_3_12_1
e_1_3_3_11_1
e_1_3_3_32_1
e_1_3_3_40_1
e_1_3_3_41_1
Kim S. (e_1_3_3_31_1) 2016
Lemma V. (e_1_3_3_34_1) 2016
e_1_3_3_7_1
e_1_3_3_6_1
e_1_3_3_9_1
e_1_3_3_8_1
e_1_3_3_28_1
Broos M. (e_1_3_3_14_1) 2012
e_1_3_3_25_1
e_1_3_3_24_1
e_1_3_3_27_1
e_1_3_3_3_1
e_1_3_3_44_1
e_1_3_3_2_1
e_1_3_3_20_1
e_1_3_3_5_1
e_1_3_3_42_1
e_1_3_3_4_1
e_1_3_3_43_1
References_xml – start-page: 978–1–137
  volume-title: Palgrave Macmillan Studies in Banking and Financial Institutions
  year: 2016
  ident: e_1_3_3_34_1
– ident: e_1_3_3_13_1
  doi: 10.1016/S0304-4076(98)00009-8
– ident: e_1_3_3_36_1
– ident: e_1_3_3_32_1
  doi: 10.18045/zbefri.2020.2.407
– ident: e_1_3_3_8_1
  doi: 10.2307/2297968
– ident: e_1_3_3_11_1
  doi: 10.1515/rebs-2016-0037
– ident: e_1_3_3_37_1
  doi: 10.2139/ssrn.2232016
– ident: e_1_3_3_25_1
– ident: e_1_3_3_4_1
  doi: 10.1146/annurev-financial-102710-144915
– start-page: 1
  volume-title: DNB Occasional Studies
  year: 2012
  ident: e_1_3_3_14_1
– ident: e_1_3_3_24_1
  doi: 10.1016/j.intfin.2013.07.012
– ident: e_1_3_3_27_1
  doi: 10.1016/j.ecosys.2020.100808
– ident: e_1_3_3_38_1
  doi: 10.1111/jofi.12540
– ident: e_1_3_3_5_1
  doi: 10.1146/annurev-financial-102710-144915
– ident: e_1_3_3_6_1
  doi: 10.1016/j.iref.2018.01.005
– ident: e_1_3_3_19_1
  doi: 10.1016/j.chieco.2016.09.001
– ident: e_1_3_3_40_1
  doi: 10.1016/j.jeconom.2007.05.010
– ident: e_1_3_3_3_1
  doi: 10.1017/S0003055416000216
– ident: e_1_3_3_10_1
  doi: 10.1111/aehr.12167
– volume: 1
  start-page: 27
  year: 1995
  ident: e_1_3_3_21_1
  article-title: The decline of traditional banking: implications for financial stability and regulatory policy
  publication-title: Economic Policy Review
– ident: e_1_3_3_30_1
  doi: 10.1016/S0165-1765(99)00130-5
– ident: e_1_3_3_2_1
  doi: 10.1016/j.jfineco.2012.09.004
– year: 2017
  ident: e_1_3_3_18_1
  article-title: A new database for financial crises in European countries
  publication-title: Occasional Paper Series
– ident: e_1_3_3_33_1
  doi: 10.17705/1jais.00302
– ident: e_1_3_3_17_1
  doi: 10.1016/j.jbankfin.2015.06.016
– ident: e_1_3_3_28_1
  doi: 10.1017/CBO9781139839327
– start-page: 2
  volume-title: Statistical Implications of the New Financial Landscape
  year: 2016
  ident: e_1_3_3_31_1
– ident: e_1_3_3_20_1
– ident: e_1_3_3_7_1
  doi: 10.1080/1331677X.2019.1633943
– ident: e_1_3_3_35_1
  doi: 10.1007/s40797-016-0032-0
– ident: e_1_3_3_9_1
  doi: 10.1016/0304-4076(94)01642-D
– ident: e_1_3_3_41_1
  doi: 10.1080/1331677X.2014.947107
– ident: e_1_3_3_44_1
  doi: 10.2139/ssrn.2761169
– ident: e_1_3_3_12_1
  doi: 10.1177/1536867X211000004
– ident: e_1_3_3_15_1
  doi: 10.5089/9781475583588.006
– ident: e_1_3_3_39_1
  doi: 10.2307/1911408
– ident: e_1_3_3_42_1
  doi: 10.1177/1536867X0900900106
– volume: 16
  start-page: 1
  year: 2018
  ident: e_1_3_3_26_1
  article-title: Off the Radar: Exploring the Rise of Shadow Banking in the EU
  publication-title: Working Papers
– ident: e_1_3_3_43_1
  doi: 10.5089/9781513583709.001
– ident: e_1_3_3_16_1
  doi: 10.1016/0378-4266(92)90045-2
– volume-title: Shadow Banking: Scoping the Issues
  year: 2011
  ident: e_1_3_3_22_1
– start-page: 65
  volume-title: Risk Taking, Liquidity, and Shadow Banking: Curbing Excess While Promoting Growth
  year: 2014
  ident: e_1_3_3_29_1
SSID ssj0012967
Score 2.3276873
Snippet This paper investigates the driving forces of shadow banking in 27 EU Member States, using annual data for 1999-2020. To account for heterogeneity, the panel...
This paper investigates the driving forces of shadow banking in 27 EU Member States, using annual data for 1999–2020. To account for heterogeneity, the panel...
SourceID proquest
crossref
informaworld
SourceType Aggregation Database
Enrichment Source
Index Database
Publisher
StartPage 694
SubjectTerms Assets
Banking
Companies
Connectedness
Economic development
European cultural groups
Financial development
Financial institutions
Insurance
Interest rates
Panel data
panel data models
Shadow banking
traditional banking
Title Investigating the Factors Influencing Shadow Banking in EU Member States
URI https://www.tandfonline.com/doi/abs/10.1080/00128775.2023.2215217
https://www.proquest.com/docview/3119453370
Volume 62
WOSCitedRecordID wos000994686600001&url=https%3A%2F%2Fcvtisr.summon.serialssolutions.com%2F%23%21%2Fsearch%3Fho%3Df%26include.ft.matches%3Dt%26l%3Dnull%26q%3D
hasFullText 1
inHoldings 1
isFullTextHit
isPrint
journalDatabaseRights – providerCode: PRVAWR
  databaseName: Taylor & Francis Online Journals
  customDbUrl:
  eissn: 1557-9298
  dateEnd: 99991231
  omitProxy: false
  ssIdentifier: ssj0012967
  issn: 0012-8775
  databaseCode: TFW
  dateStart: 19620901
  isFulltext: true
  titleUrlDefault: https://www.tandfonline.com
  providerName: Taylor & Francis
link http://cvtisr.summon.serialssolutions.com/2.0.0/link/0/eLvHCXMwrV3dS8MwEA8yBH3xW5xOyYOvnU2bNu2jysoEHYKb7q3kqzqQTtap_765Jh0bIj7oYwsXyt0ld9fc_X4InTPtMxP2Yk9JaQoUqomXxsaXo0L7sWI-4zXs4uMtGwyS8Ti9d92ElWurhBq6sEAR9VkNm5uLqumIu6ivfxiLukD93Q2AmZXAPLkJ_cBhMMyeFvcIQRpb1EwC-55FzQzPT6usRKcV7NJvZ3UdgLLtf_j0HbTlsk98ad1lF63pcg9tNMPJ1T7qL-FulM_YZIc4s4w8-MbRmcD7hxeupp_4itfEC3hS4t4I32kgF8E2fT1Ao6w3vO57jmzBk6YCmXuUFUEYqsBPhIb5n0AILrhJyBLIq-JQMGM-SSVhSgkifKE4jaA4SUIeMU7DQ9Qqp6U-gm4pbeSUNLamlBemaNJmYSIEC4WKOW8j2ig5lw6JHAgxXnOyACy1aspBTblTUxt1F2JvForjN4F02YL5vP4HUljCkjz8RbbTmDt3uxpESEpNfsz84z8sfYI2zSO1A40d1JrP3vUpWpcf80k1O6v99wty1eh8
linkProvider Taylor & Francis
linkToHtml http://cvtisr.summon.serialssolutions.com/2.0.0/link/0/eLvHCXMwrV1LT8MwDI5gII0Lb8RgQA5cO_pIm_YIaNUmtl3YYLcoaVKYhDq0Ffj7xE07bUJoB7i2chTZTmwn8fchdE2VTXXYCyyZJLpAIcqxokD7sp8qO5DUpryAXXzq0cEgHI-j5V4YeFYJNXRqgCKKvRoWNxxGV0_ibor7H0r9FnB_t1ygZnXoJtrydawFLx_Gz4ubBDcKDG6mAyuf-lUXz2_DrMSnFfTSH7t1EYLivf-Y_D7aLRNQfGs85gBtqOwQ1av-5PkR6ixBb2QvWCeIODakPLhbMprA98dXLqdf-I4X3At4kuH2CPcV8Itgk8Eeo1HcHt53rJJvwUp0EZJbhKau50nXDoWCFiBXCC64zslCSK0CT1BtwYQkDpVSOMIWkhMf6pPQ4z7lxDtBtWyaqVN4MKW0nEy0uQnhqa6blB7YEYJ6QgacNxCptMySEowcODHemLPALDVqYqAmVqqpgVoLsXeDxrFOIFo2IcuLY5DUcJYwb41ss7I3Kxc2iDgR0Skytc_-MPQVqneG_R7rdQcP52hH_yKmv7GJavnsQ12g7eQzn8xnl4UzfwNHSuyn
linkToPdf http://cvtisr.summon.serialssolutions.com/2.0.0/link/0/eLvHCXMwrV1LT8JAEN4oGvXi24ii7sFrsdtuu-3RBw1EJCSCcmv2VSUxhQDq33e3uyUQYzzotc1smpl9fNOd-T4ALol0iTr2QkdwrhIULJETh2ouB5l0Q0FcQgvaxac26XSiwSDu2mrCqS2r1Dl0Zogiir1aL-6xyMqKuKvi-oeQoK6lv-ueVmZFZBWsKegc6vyrlzzPLxK8ODS0mUgvfBKUTTw_DbN0PC2Rl37brIsTKNn5h2_fBdsWfsJrM1_2wIrM98Fm2Z08PQDNBeKN_AUqeAgTI8kDW1bPRD9_fKVi9AlvaKG8AIc5bPThg9TqItDg10PQTxq926Zj1RYcrlKQmYNJ5vm-8NyISd0A5DFGGVWILNLAKvQZUfHjmCMiBEPMZYLiQGcnkU8DQrF_BCr5KJfHulxKKjvBVbAxppnKmqQaGDFGfCZCSqsAl05OuaUi14oYbymaM5YaN6XaTal1UxXU52Zjw8Xxm0G8GMF0VvwEyYxiSer_Ylsrw53aZa1NUIwVQCbuyR-GvgAb3bskbbc696dgS73BprmxBiqzybs8A-v8YzacTs6LqfwFfHbrWA
openUrl ctx_ver=Z39.88-2004&ctx_enc=info%3Aofi%2Fenc%3AUTF-8&rfr_id=info%3Asid%2Fsummon.serialssolutions.com&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=Investigating+the+Factors+Influencing+Shadow+Banking+in+EU+Member+States&rft.jtitle=Eastern+European+economics&rft.au=Petkovski%2C+Mihail&rft.au=Stojkov%2C+Aleksandar&rft.au=Kjosevski%2C+Jordan&rft.date=2024-11-01&rft.pub=Routledge&rft.issn=0012-8775&rft.eissn=1557-9298&rft.volume=62&rft.issue=6&rft.spage=694&rft.epage=714&rft_id=info:doi/10.1080%2F00128775.2023.2215217&rft.externalDocID=2215217
thumbnail_l http://covers-cdn.summon.serialssolutions.com/index.aspx?isbn=/lc.gif&issn=0012-8775&client=summon
thumbnail_m http://covers-cdn.summon.serialssolutions.com/index.aspx?isbn=/mc.gif&issn=0012-8775&client=summon
thumbnail_s http://covers-cdn.summon.serialssolutions.com/index.aspx?isbn=/sc.gif&issn=0012-8775&client=summon