1  I would like to thank Mark Cassidy, Gerry Cross, Patricia Dunne, Patrick Haran, Neill Killeen and Cian Murphy for their  helpful comments. 2  See, for example, Allen and Gale (2000) ‘Comparing financial systems’. 3 Based on data collected by the Financial Stability Board as part of the ‘Global monitoring report on non-bank financial  intermediation’.
4  European Systemic Risk Board (2022) ‘NBFI Monitor’. 5 See Daly et al (2023) ‘The growing role of investment funds in euro area real estate markets: risks and policy  considerations’ for the Euro Area and CBI (2022) ‘Macroprudential measures for Irish property funds’ for the equivalent share in Ireland.