As non-bank financial institutions continue to expand their role in credit intermediation, their reliance on banks for contingent liquidity highlights a channel through which risks may transmit back to banks.
V Acharya, @manasagopal.bsky.social, M Jager, S Steffen
https://cepr.org/voxeu/columns/non-bank-financial-institutions-reliance-banks-contingent-credit-under-stress-and-its
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