Financial Architecture and Financial Stability
本文梳理了金融架构与金融稳定关系的文献，分析了非银行中介崛起、监管应对和银行间网络三个重要方面，并给出了非银行中介免于挤兑的充要条件。
This article 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 nonbank 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 nonbank intermediaries are immune to runs in an extended version of the Diamond–Dybvig model.