17: Direct and Indirect Finance
Lec 17-1: FT: Shadow banking
Lec 17-2: Bagehot’s World: separation of money markets and capital markets
Lec 17-3: The New World: integration of money markets and capital markets
Lec 17-4: Funding liquidity versus market liquidity
Lec 17-5: Digression: Schumpeter on banking and economic development
Joseph Schumpeter’s Theory of Economic Development
Lec 17-6: Payment versus funding
Lec 17-7: Reading: Gurley and Shaw
Lec 17-8: Financial evolution: indirect finance to direct finance
Lec 17-9: Banking evolution: loan-based credit to market-based credit
Lec 17-10: Preview: Central banking and shadow banking