derivative data in growth estimates. Beyond the most recent Wacthel and Rousseau (2010) evidence which documents the interruption … of the positive finance-growth relationship after 1989, we show that bank assets contribute indeed negatively, while OTC … derivative positively or insignificantly with a much smaller effect in magnitude. At the same time the impact of the crisis is …

reluctance to clear derivative trades in the absence of a central clearing obligation. We develop a comprehensive understanding … moving from a bilateral to a clearing architecture for derivative markets. Previous studies suggest that central clearing is … its counterparties: 1) correlation across and within derivative classes (i.e., systematic risk), 2) collateralization of …