Over the last decades, both advanced and emerging economies have experienced the emergence of the phenomenon known as financialization, that, until some time ago, was generally considered beneficial for the economy. The 2007-2008 crisis and the severe post-crisis recession called into question the assumptions underlying the positive perception of the role played by financialization in the economy. In particular, the effects of financialization on financial stability and inequality are now widely recognized. A recent debate focused on the effectiveness of unconventional monetary policy tools in transferring their effects on the financial sphere to the economic sphere (e.g., via stimulating the transmission of resources from the banking system to the real economy). Among these unconventional policy measures, Quantitative Easing (QE) has been recently implemented by the European Central Bank (ECB). In this context, two questions deserve more attention in the literature. First, to what extent QE may generate net flows of additional resources to the real economy. Second, to what extent QE may also alter the pattern of intra-financial exposures among financial actors and what are the implications in terms of financialization. Here, we address these two questions by mapping and analyzing the euro area multilayer macro-network of financial exposures among institutional sectors across financial instruments (i.e., loans, bonds, equity, and insurance and pension schemes) and we illustrate our approach on recently available data. We then test the effect of the implementation of ECB’s QE on some novel measures of financialization that we derive from the time evolution of the financial linkages in the multilayer macro-network of the euro area.

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金融化与非常规货币政策：金融网络分析

在过去的几十年中，发达经济体和新兴经济体都经历了被称为金融化的现象的出现，直到不久前，人们普遍认为这种现象对经济有利。2007-2008年的危机和严重的危机后衰退使人们对基于积极认识到金融化在经济中所扮演的角色的假设提出了质疑。特别是，金融化对金融稳定和不平等的影响现已得到广泛认可。最近的辩论集中在非常规货币政策工具在将其对金融领域的影响转移到经济领域方面的效力（例如，通过刺激从银行系统向实体经济的资源转移）。在这些非常规的政策措施中，欧洲中央银行（ECB）最近已实施量化宽松（QE）。在这种情况下，两个问题在文献中值得更多关注。首先，量化宽松在多大程度上可以为实体经济带来额外资源的净流量。其次，量化宽松还可以在多大程度上改变金融参与者之间的金融内风险敞口，以及在金融化方面有何影响。在这里，我们通过映射和分析跨金融工具（例如，贷款，债券，股票，保险和养老金计划）的机构部门之间的欧元区多层金融敞口宏观网络，解决了这两个问题，并举例说明了最近可用的方法数据。