One of the few studies that provides evidence on the substitution from bank-based financial intermediation to non-banking intermediation in response to macroprudential measures is J. Cizel, J. Frost, A. Houben an P. Wierts (2016) Effective macroprudential policy: Cross-sector substitution from price and quantity measures, IMF Working Paper No. 16/94.
9  These fundamental changes can lead to disruptive innovation and new operational risks, such as cybercrime. Such risks are outside the natural domain of regulatory authorities, but will become increasingly important to financial stability. Financial supervisors should therefore continue to expand their knowledge and enhance their risk monitoring activities in those areas.