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dc.contributor.authorAdrian, Tobiasen_US
dc.contributor.authorShin, Hyun Songen_US
dc.date.accessioned2010-05-12en_US
dc.date.accessioned2012-08-17T14:33:51Z-
dc.date.available2012-08-17T14:33:51Z-
dc.date.issued2010en_US
dc.identifier.urihttp://hdl.handle.net/10419/60810-
dc.description.abstractThe financial crisis of 2007-09 highlighted the changing role of financial institutions and the growing importance of the shadow banking system, which grew out of the securitization of assets and the integration of banking with capital market developments. This trend was most pronounced in the United States, but it also had a profound influence on the global financial system as a whole. In a market-based financial system, banking and capital market developments are inseparable, and funding conditions are tied closely to fluctuations in the leverage of market-based financial intermediaries. Balance-sheet growth of market-based financial intermediaries provides a window on liquidity by indicating the availability of credit, while contractions of balance sheets have tended to precede the onset of financial crises. We describe the changing nature of financial intermediation in the market-based financial system, chart the course of the recent financial crisis, and outline the policy responses that have been implemented by the Federal Reserve and other central banks.en_US
dc.language.isoengen_US
dc.publisherFederal Reserve Bank of New York New York, NYen_US
dc.relation.ispartofseriesStaff Report, Federal Reserve Bank of New York 439en_US
dc.subject.jelE02en_US
dc.subject.jelE58en_US
dc.subject.jelG10en_US
dc.subject.jelG18en_US
dc.subject.ddc330en_US
dc.subject.keywordFinancial crisisen_US
dc.subject.keywordfinancial intermediationen_US
dc.subject.keywordintermediation chainsen_US
dc.subject.keywordprocyclicalityen_US
dc.subject.keywordliquidity facilitiesen_US
dc.subject.keywordmonetary policen_US
dc.subject.stwFinanzmarktkriseen_US
dc.subject.stwFinanzintermediären_US
dc.subject.stwKreditmarkten_US
dc.subject.stwBankbilanzen_US
dc.subject.stwBilanzstrukturmanagementen_US
dc.subject.stwGeldpolitiken_US
dc.subject.stwUSAen_US
dc.titleThe changing nature of financial intermediation and the financial crisis of 2007-09en_US
dc.typeWorking Paperen_US
dc.identifier.ppn622939211en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
Appears in Collections:Staff Reports, Federal Reserve Bank of New York

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