Extension: From Banks to Private Credit: Risk Migration Beyond the Regulatory Perimeter, Funding Networks and Systemic Risk

Record: kaal:position:2026-08-08-143 · 2026-08-08

From Banks to Private Credit reports that private-credit expansion is closely linked to increased bank funding of private-credit vehicles, so regulation changes the location rather than the existence of credit risk. This supplies a bank–funding-network mechanism supporting Kaal's emphasis on regulated banks' exposure to private funds. The abstract does not concern credit derivatives specifically or quantify resulting systemic loss.

• The response is limited to the retrieved source proposition and mapped Kaal claim unless fuller source review supports a broader conclusion.
• External evidence level: abstract indexed.
• Mapping review tier: substantively reviewed abstract-level extension.
• Primary mapping confidence: 0.62.
• The primary mapping cleared the automated ambiguity test; substantive scope remains review-bound.
• Evidence is limited to an exact proposition in a Crossref-indexed abstract; full text was not reviewed.
• No relationship is treated as external endorsement, citation, causation, or validation of a broader Kaal claim.
• The source reports that private-credit expansion is closely linked to increased bank funding of private-credit vehicles, so regulation changes the location rather than the existence of credit risk. This supplies a bank–funding-network mechanism supporting Kaal's emphasis on regulated banks' exposure to private funds, while it does not concern credit derivatives specifically or quantify resulting systemic loss.

From Banks to Private Credit: Risk Migration Beyond the Regulatory Perimeter, Funding Networks and Systemic Risk

kaal:claim:2998097-009
Wulf A. Kaal, Private Investment Fund Regulation - Theory and Empirical Evidence from 1998 to 2016 (2017). SSRN: https://ssrn.com/abstract=2998097
Source PDF sha256: 0955054f49c7011d33c285579bb046e6b284e42755b10fd2546a728c202669d5

Evidence: abstract indexed
Review tier: substantively reviewed abstract-level extension
Mapping confidence: 0.62
Mapping ambiguous: false

systemic-riskeconomicshistorical-responsescholarly-literaturecrossref

Affirmed in kaal-review:2026-08-08:continuous-crossref-0012-all-0046-reviewed-v1 on 2026-08-08. Review record.

Canonical markdown sha256: c83e840d20730f0cd80d77c8b326385121b3358451b4d4f5f165005b296bcb38
curl -s https://wulfkaal.github.io/positions/2026-08-08-143.md | sha256sum