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uva.nl

Magdalena Jurgiel

Summary

The general topic of my PhD project is financial stability and regulation, with a focus on financing activities arising in the context of non-bank financial intermediation (also referred to as shadow banking). The envisaged combination of theoretical and empirical analysis should shed more light on important risks that come with non-bank financial intermediation and provide insight on the most effective regulation of the related activities.

The first chapter of this project is theoretical in nature and analyzes the costs and benefits of collateral reuse. The overarching aim of this analysis is to find a socially optimal level of collateral reuse and to understand the scope for regulation of this activity. It will be followed by an empirical study that will test the implications arising from the theoretical model by applying them to transaction-level data of money-market transactions that are secured by collateral. The last chapter of the thesis will analyze the impact of non-bank financial intermediation on interconnectedness and the associated risk of contagion within the financial system.