New York Fed: 'Transformed Intermediation: Credit Risk to NBFIs, Liquidity Risk to Banks'
January 24, 2026
January 24, 2026
NEW YORK, Jan. 24 (TNSLrpt) -- The Federal Reserve Bank of New York issued the following staff report (No. 1176) in Jan. 2026 by Viral V. Acharya, Nicola Cetorelli and Bruce Tuckman entitled "Transformed Intermediation: Credit Risk to NBFIs, Liquidity Risk to Banks."
Here is the abstract:
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We argue that the rapid asset growth of nonbank financial intermediaries (NBFIs) relative to banks is the outcome of transformations of risks between banks . . .
Here is the abstract:
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We argue that the rapid asset growth of nonbank financial intermediaries (NBFIs) relative to banks is the outcome of transformations of risks between banks . . .