Finance is not something separate from society. It is neither a Marxian superstructure nor a monetarist veil, but rather the very substance of modern social relations, a web of time-dated promises to pay that stretches from now into the future, and from here around the globe. Financial...

The past two decades have seen the construction of a tiered system of international liquidity provision, the first tier including those whose credit is sufficient for a swap line with the Fed, the second tier including those who can offer acceptable collateral to the Fed, and the third tier...

The financial crisis that began in 2007 took place in the context of a secular shift from a bank-loan financial system to a capital-markets financial system — that is, from one based on nontradable financial assets, with banks playing the key intermediary role, to one based on tradable...

At the heart of both the modern shadow banking system and the 19th century banking system described by Walter Bagehot is the wholesale money market, with the central bank providing a liquidity backstop. We characterize shadow banking as “money market funding of capital market lending” and...