Growth of unregulated shadow banking sector
The shadow banking sector—comprising firms such as hedge funds that act like banks by taking deposits and using funds to buy financial assets (eg housing loans) while keeping only a fraction of the deposits on hand as cash—grew outside regulation.
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The Global Financial Crisis »The Global Financial Crisis
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Long-term causes of the financial crisis? »Long-term causes of the financial crisis?
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Unintended consequences of earlier public policy choices »Unintended consequences of earlier public policy choices
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US spending funded by credit »US spending funded by credit
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Financial innovation made credit cheaper and more widely available »Financial innovation made credit cheaper and more widely available
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Financial innovation moved faster than regulation »Financial innovation moved faster than regulation
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Growth of unregulated shadow banking sector
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