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Overview
Anil Kashyap looks at how the chains of entities that exist in the market-based finance system can contribute to problems during periods of stress. He says this was the case in March this year.
He focuses on the funding flows and linkages between different parts of the system - securities and derivatives dealers, asset managers, pension funds, insurers, and a wide range of investment funds and money market funds.
The dash for cash and the liquidity multiplier: Lessons from March 2020
