Moreover, euro area bond funds hold almost a quarter of all outstanding debt securities issued by euro area non-financial corporates, while equity funds hold almost half a trillion in equities of euro area non-financial corporates. 13  See Igan and Kang (2011) and Kuttner and Shim (2013). 14  See: Banking structures report, bankingstructuresreport201410.en.pdf.
15  De Fiore and Uhlig (2015) reach a similar conclusion in a general equilibrium model where firms optimally chose among bank and non-bank sources of finance. 16  See, among others, Aoki and Nikolov (2014) for an analysis of the implications of a growing shadow banking sector on financial stability.