Cross-border lending to borrowers in developed economies flickered back to life during the last quarter of 2018, with claims expanding by a net $76 billion. Of this,$64 billion consisted of loans to shadow banks.

Loans to non-bank financial institutions in these advanced countries grew at an annualised rate of 7%, compared with an overall 0.6% rate across all borrower types, data from the Bank for International Settlements shows. Worldwide, loans to shadow banks grew at an annualised rate of 8