Financial stability teams monitor how fast liquidity stress or credit contractions within the shadow banking perimeter reach the primary banking system and the real economy, a metric known as NBFI Pass-Through Speed.

Shadow Market Liquidity Freezes -> Corporations Lose Commercial Paper Access -> Draw Down Bank Credit Lines -> Strains Commercial Bank Liquidity

When non-bank funding markets freeze, large corporate enterprises lose the ability to issue commercial paper. To fund their operations, they draw down their pre-arranged standby credit lines at regulated commercial banks, transferring the liquidity strain from the shadow banking sector directly onto the primary banking system.