1.0Liberty Street Economicshttps://libertystreeteconomics.newyorkfed.orgAnna Sniderhttps://libertystreeteconomics.newyorkfed.org/author/anna-sniderny-frb-org/Banks and Nonbanks Are Not Separate, but Interwoven - Liberty Street Economicsrich600338<blockquote class="wp-embedded-content" data-secret="suMgNykCJE"><a href="https://libertystreeteconomics.newyorkfed.org/2024/06/banks-and-nonbanks-are-not-separate-but-interwoven/">Banks and Nonbanks Are Not Separate, but Interwoven</a></blockquote><iframe sandbox="allow-scripts" security="restricted" src="https://libertystreeteconomics.newyorkfed.org/2024/06/banks-and-nonbanks-are-not-separate-but-interwoven/embed/#?secret=suMgNykCJE" width="600" height="338" title="“Banks and Nonbanks Are Not Separate, but Interwoven” — Liberty Street Economics" data-secret="suMgNykCJE" frameborder="0" marginwidth="0" marginheight="0" scrolling="no" class="wp-embedded-content"></iframe><script>
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https://libertystreeteconomics.newyorkfed.org/wp-content/uploads/sites/2/2024/06/LSE_NBFI_2_cetorelli_460.jpg920576The authors argue that the observed growth of NBFIs reflects banks optimally changing their business models in response to factors such as regulation, rather than banks stepping away from their historical roles.