Private Credit I: Shadow Banks & Private Markets
What happens when the financial system’s new backbone...private markets and shadow banks...starts with illiquidity by design? The next crisis might already be hiding there...
Executive Summary
The transformation of banking and financial services away from traditional public markets and the banking system itself has been dramatic since the Global Financial Crisis (GFC) of 2008.
This shift has reshaped the financial landscape, as more activities that were once dominated by banks and public markets have moved into private and non…