# kaal:claim:3002908-022

**Claim.** Post crisis regulation that restrained bank lending, particularly to SMEs, opened a new market that private investment funds moved into, accelerating their involvement in banking functions.

**Type.** mechanism  **Support.** argued

**Holds when.**

- after the financial crisis of 2008

**Source quote.**

> After the crisis, newly issued regulation restrained banks from lending, in particular to SMEs. This opened up a new market for private investment funds that stepped into the void left by the new regulatory regime.

**From.** Wulf A. Kaal, Marco Dell'Erba, *Blockchain Innovation in Private Investment Funds - A Comparative Analysis of the United States and* (2017), IV. Private Investment Funds Use of Blockchain Technology, page 21

**Cite as.** Wulf A. Kaal, Marco Dell'Erba, Blockchain Innovation in Private Investment Funds - A Comparative Analysis of the United States and (2017). SSRN: https://ssrn.com/abstract=3002908

**Verify.** sha256 of source PDF `06a7b61e75f905ee07e422e875d83a65c5033a248a6e05a213523b034e5db534` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20and%20Dell%27Erba%20-%202017%20-%20Blockchain%20Innovation%20in%20Private%20Investment%20Funds%20-%20A%20Comparative%20Analysis%20of%20the%20United%20States%20and.pdf

**Topics.** decentralization, systemic-risk, defi

**Keywords.** disintermediation, bank-lending, financial-crisis, private-investment-funds, shadow-banking

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