The Shadow Banking System and Hyman Minsky’s Economic Journey

By: Paul McCulley


As we look for answers about the financial crisis, it is clear that creative financing played a massive role in propelling the global financial system to hazy new heights, before leading the way into the depths of a systemic crisis. But how did financing get so creative? It did not happen within the confines of a regulated banking system, which submits to strict regulatory requirements in exchange for the safety of government backstopping. Instead, financing got so creative through the rise of

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