Introduction -- Efficient markets and central banks? -- Money, banks and central banks -- Stable and unstable markets -- Deceiving the diligent -- On (central bank) governors -- Minsky meets Mandelbrot -- Beyond the efficient market fallacy -- Concluding remarks

In a market-based financial system, banking and capital market developments are inseparable, and funding conditions are closely tied to fluctuations in the leverage of market-based financial intermediaries. Offering a window on liquidity, the balance sheet growth of broker-dealers provides a...