The evolution of risk management has resulted from the interplay of financial crises, risk management practices, and regulatory actions. In the 1970s, research lay the intellectual foundations for the risk management practices that were systematically implemented in the 1980s as bond trading...

Variants of nonbank credit intermediation differ greatly. We provide a conceptual framework to help distinguish various characteristics-structural features, economic motivations, and risk implications-associated with different forms of nonbank credit intermediation. Anchored by this framework,...