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Discussion Paper
European Energy Import Dependency
This note examines the energy import dependency of the European Union over time. This issue has risen in salience following recent developments and the ongoing economic challenges faced by many European countries.
Discussion Paper
Shifting Dynamics in Bank Funding of NBFIs: The Rise of Credit Lines
This paper examines the shifting dynamics in bank funding of nonbank financial institutions (NBFIs) from 1980 to 2024. We document three key facts. First, bank funding to NBFIs has been relatively stable, accounting for, on average, 3.5% of total NBFIs liabilities. Second, since 2012, on-balance-sheet funding by banks has declined sharply, falling from 4.7% to 2.5% of total NBFIs liabilities. Third, using Y-14 data, we find that credit lines extended to NBFIs have increased from 0.7% to 1.0% of total NBFIs liabilities, highlighting a structural shift in how banks engage with NBFIs. While ...