The papers in this volume were commissioned with the aim of exploring the significant structural changes in the financial system over the past decade or so and the implications for policy-makers charged with the responsibility of maintaining financial system stability

There is extensive anecdotal evidence to suggest that a significant tightening in credit conditions, or a 'credit crunch', occurred in the United States following the collapse of the loan securitisation market in 2007. However, there has been surprisingly little formal testing for the existence...