@article{Walther:2021, author = {Walther, A and Allen, H}, journal = {Annual Review of Financial Economics}, title = {Financial architecture and financial stability}, year = {2021} }
TY - JOUR AB - This paper studies the links between financial stability and the architecture of financial systems. We review the existing literature and provide organizing frameworks for analyzing three empirically important aspects of financial architecture: The rise of non-bank financial intermediaries, the regulatory response to these structural changes, and the emergence of complex interbank networks. One of our main new results is a necessary and sufficient condition for whether non-bank intermediaries are immune to runs in an extended version of the Diamond-Dybvig model. AU - Walther,A AU - Allen,H PY - 2021/// SN - 1941-1375 TI - Financial architecture and financial stability T2 - Annual Review of Financial Economics ER -