intermediated through arms-length transactions, such as securitization. This paper documents these trends, explores their causes … structural model to explore whether technological improvements in securitization, shifts in saver preferences away from deposits …, and changes in implicit subsidies and costs of bank activities can explain these shifts. Declines in securitization cost …

, institutional fund performance. We review the evidence about the adoption of these strategies, in both advanced and developing …

for risk-taking may be aligned more properly and areas where risk management may be made more robust. Nonetheless a …