International Monetary Fund - Global Financial Stability Report

The structure of financial markets has been changing considerably. Ongoing financial innovation, weakened bank balance sheets following the financial crisis, changes in business models, and strengthened bank regulation have all supported a strong shift from bank lending to bond issuance. All this has fostered the activity of nonbanks, which are very important for financial intermediation and have become significantly more important in Europe, United States and some emerging market economies. However, some analysts argue that this phenomenon could be rendering monetary policy less powerful. 
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