kaal:claim:2748096-009

Private fund advisers in the shadow banking system perform bank-like functions, providing liquidity to clients and to financial markets and engaging in various forms of liquidity transformation, and the vulnerabilities this creates may have large implications 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, Timothy A. Krause, Hedge Funds and Systemic Risk (2016), THE DEBATE ON HEDGE FUNDS' SYSTEMIC RISK, p. 5
https://ssrn.com/abstract=2748096 · source PDF

Wulf A. Kaal, Timothy A. Krause, Hedge Funds and Systemic Risk (2016). SSRN: https://ssrn.com/abstract=2748096

• applies to private fund advisers engaged in liquidity provision and liquidity transformation

mechanismsupport: assertedsystemic-riskdefiprivate-funds

• restates kaal:claim:2470008-010 Because private fund advisers supply liquidity and perform liquidity transformation in the manner of banks, th...

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