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

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