Since the start of Stage III of Economic and Monetary Union, financial intermediation has evolved both in size and complexity. The financial balance sheet of nearly all sectors in the euro area has grown at a faster pace than economic activity, with the largest increases taking place within the financial sector. This points to an [...]
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Posted on January 23rd, 2012
Posted on January 10th, 2012
This paper explores the role of diversification and size in protecting information. It presents a simple two period credit market with a sophisticated lender faced with competitors who free ride on his screening activity. Absent commitment problems, the lender funds one borrower and exerts optimal evaluation. When borrowers cannot commit to a long [...] Posted on December 11th, 2011
The present way of thinking about financial intermediation does not fully incorporate the rise of asset managers as a major source of funding for banks through the shadow banking system. Asset managers are dominant sources of demand for non-M2 types of money and serve as source collateral ‘mines’ for the shadow banking system. [...] Posted on November 13th, 2011
The 2008 financial crisis has exposed various uncertainties regarding the holding of client monies by investment firms. In particular, the High Court’s decision in Lehman Brothers International (Europe) v CRC Credit Fund Limited and others [2009] EWHC 3228 (Ch) and the decision of the Court of Appeal in CRC Credit Fund Limited v [...] Posted on November 2nd, 2011
The Financial Stability Board (FSB) has published a report on Shadow Banking: Strengthening Oversight and Regulation. This report provides the FSB’s recommendations on this subject that were requested by the G20 Leaders at the November 2010 Seoul Summit. This report first outlines the overall approach being taken to strengthen the oversight and [...] 8 pages
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