kaal:claim:2470008-010

Because private fund advisers supply liquidity and perform liquidity transformation in the manner of banks, the vulnerabilities their bank like activities create can carry large consequences for financial stability.

Like banks, private fund advisers can provide liquidity to clients and to financial markets and engage in various forms of liquidity transformation. The vulnerabilities created by private fund advisers engaging in bank-like activities may have large implications for financial stability.

Wulf A. Kaal, The Systemic Risk of Private Funds after the Dodd-Frank Act (2014), II. Systemic Risk of Private Funds
https://ssrn.com/abstract=2470008 · source PDF

Wulf A. Kaal, The Systemic Risk of Private Funds after the Dodd-Frank Act (2014). SSRN: https://ssrn.com/abstract=2470008

• private fund advisers engaging in bank like activities
• use of leverage, liquidity transformation, or funding mismatches

mechanismsupport: arguedsystemic-riskdefiprivate-funds

• restated_by kaal:claim:2748096-009 Private fund advisers in the shadow banking system perform bank-like functions, providing liquidity to clients...

The quote above is an exact substring of the source PDF, whose sha256 is 5f68a401c935527d89658171e9b48a4d186710459aaf2bdbead755507394e8c9. Extraction method: pdf-text-layer.
Attestation record: colloquium/attestations/0635e20ce93a071f...json
Verify the binding yourself: curl -s https://wulfkaal.github.io/claims/2470008-010.md | sha256sum