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active in the "assembly line" process of modern financial intermediation, a system that has become known as shadow banking … acquiring the capability to engage in financial intermediation. I document instances of the emergence and growth of such nonbank … activities. I focus on securities lending, a well-understood example of shadow financial intermediation, and document the …
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Earmarked credit was about half of total credit in Brazil at end-2015, after declining to one third of total credit in 2007, it is back to the levels in late 1990s. During 2008-15, earmarked credit increased from 12 to close to 30 percent of GDP. Initially, the objective was to counteract the...
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Why are the financial markets so problematical? One reason is that the markets consist of many systems – having other complex systems as components – that interact in complicated ways. The focus of this paper is to understand the complexity of financial systems in terms of several properties...
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The reasons for disintermediation on in the financial systems can be found on both sides of supply and demand. This … as present the Polish payment services market as an example of banks’ receding role in the tradional intermediation …
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We propose several econometric measures of systemic risk to capture the interconnectedness among the monthly returns of hedge funds, banks, brokers, and insurance companies based on principal components analysis and Granger-causality tests. We find that all four sectors have become highly...
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