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dc.contributor.authorAdrian, Tobiasen
dc.contributor.authorShin, Hyun Songen
dc.date.accessioned2010-05-12-
dc.date.accessioned2012-08-17T14:33:51Z-
dc.date.available2012-08-17T14:33:51Z-
dc.date.issued2010-
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
dc.language.isoengen
dc.publisher|aFederal Reserve Bank of New York |cNew York, NYen
dc.relation.ispartofseries|aStaff Report |x439en
dc.subject.jelE02en
dc.subject.jelE58en
dc.subject.jelG10en
dc.subject.jelG18en
dc.subject.ddc330en
dc.subject.keywordFinancial crisisen
dc.subject.keywordfinancial intermediationen
dc.subject.keywordintermediation chainsen
dc.subject.keywordprocyclicalityen
dc.subject.keywordliquidity facilitiesen
dc.subject.keywordmonetary policen
dc.subject.stwFinanzmarktkriseen
dc.subject.stwFinanzintermediären
dc.subject.stwKreditmarkten
dc.subject.stwBankbilanzen
dc.subject.stwBilanzstrukturmanagementen
dc.subject.stwGeldpolitiken
dc.subject.stwUSAen
dc.titleThe changing nature of financial intermediation and the financial crisis of 2007-09-
dc.typeWorking Paperen
dc.identifier.ppn622939211en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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