tailieunhanh - OccasiOnal Pa Per series nO 133 / aPril 2012: sHaDOW BanKinG in THe eUrO area an OVerVieW

Based on these simple descriptive statistics, banking appears to have been a relatively safe and, correspondingly, low return industry during our sample period. This matches the earlier finding by Flannery et al. (2004) that banks may simply be “boring”. Banks’ leverage is, however, substantially different from that of firms. Banks’ median book leverage is and median market leverage is while median book and market leverage of non- financial companies in Frank and Goyal (2004) is 24% and 23%, respectively. While banking is an industry with on average high leverage, there are also a substantial number of non- financial firms. | EUROPEAN CENTRAL BANK EUROSYSTEM OCCASIONAL PAPER SERIES NO 133 I APRIL 2012 SHADOW BANKING IN THE EURO AREA AN OVERVIEW HJiillitii saisisssi ULIllglBiJ by Klára Bakk-Simon Stefano Borgioli Celestino Giron Hannah Hempell Angela Maddaloni Fabio Recine and Simonetta Rosati jj giij iEigijg Mid KiỉỉMũxBi-u M. MW. riltil 1 g g EUROPEAN CENTRAL BANK EUROSYSTEM In 2012 all ECB publications feature a motif taken from the 50 banknote. OCCASIONAL PAPER SERIES NO 133 I APRIL 2012 SHADOW BANKING IN THE EURO AREA 1 AN OVERVIEW by Klára Bakk-Simon Stefano Borgioli Celestino Girón Hannah Hempell Angela Maddaloni Fabio Recine and Simonetta Rosati NOTE This Occasional Paper should not be reported as representing the views of the European Central Bank ECB . The views expressed are those of the authors and do not necessarily reflect those of the ECB. This paper can be downloaded without charge from http or from the Social Science Research Network electronic library at http abstract_id 1932063. I All the authors are at the European Central Bank. This paper was coordinated by Fabio Recine Directorate General Financial Stability . The authors would like to thank Feline von Heimburg for her contribution to an earlier draft of the paper. They would also like to thank Philipp Hartmann and Ad van Riet for providing useful comments and suggestions. The views expressed in this paper are those of the authors and do not necessarily refect those of the European Central Bank or the Eurosystem. European Central Bank 2012 Address Kaiserstrasse 29 60311 Frankfurt am Main Germany Postal address Postfach 16 03 19 60066 Frankfurt am Main Germany Telephone 49 69 1344 0 Internet http Fax 49 69 1344 6000 All rights reserved. Any reproduction publication and reprint in the form of a different publication whether printed or produced electronically in whole or in part is permitted only with the explicit written authorisation of the

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