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Changing Nature Of Financial Intermediation And The Financial Crisis Of 2007-09

This is a print on demand edition of a hard to find publication. The financial crisis of 2007-09 highlighted the changing role of financial institutions and the growing importance of the żshadow banking system,ż which grew out of the securitization of assets and the integration of banking with capital market developments. 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. This report describes the changing nature of financial intermediati. | Federal Reserve Bank of New York Staff Reports The Changing Nature of Financial Intermediation and the Financial Crisis of 2007-09 Tobias Adrian Hyun Song Shin Staff Report no. 439 March 2010 Revised April 2010 This paper presents preliminary findings and is being distributed to economists and other interested readers solely to stimulate discussion and elicit comments. The views expressed in the paper are those of the authors and are not necessarily reflective of views at the Federal Reserve Bank of New York or the Federal Reserve System. Any errors or omissions are the responsibility of the authors. The Changing Nature of Financial Intermediation and the Financial Crisis of 2007-09 Tobias Adrian and Hyun Song Shin Federal Reserve Bank of New York Staff Reports no. 439 March 2010 revised April 2010 JEL classification E02 E58 G10 G18 Abstract The 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. Key words financial crisis financial intermediation intermediation chains