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Keywords:conglomeration 

Discussion Paper
Hybrid Intermediaries

A successful hybrid is an offspring of two species that, in a new environment, is better suited for survival than its own parents. Evolution in the financial ?ecosystem? seems to have driven the emergence of hybrid intermediaries.
Liberty Street Economics , Paper 20150112

Discussion Paper
The Nonbank Shadow of Banks

Financial and technological innovation and changes in the macroeconomic environment have led to the growth of nonbank financial institutions (NBFIs), and to the possible displacement of banks in the provision of traditional financial intermediation services (deposit taking, loan making, and facilitation of payments). In this post, we look at the joint evolution of banks—referred to as depository institutions from here on—and nonbanks inside the organizational structure of bank holding companies (BHCs). Using a unique database of the organizational structure of all BHCs ever in existence ...
Liberty Street Economics , Paper 20231127

Report
Hybrid intermediaries

I introduce the concept of hybrid intermediaries: financial conglomerates that control a multiplicity of entity types active in the ?assembly line? process of modern financial intermediation, a system that has become known as shadow banking. The complex bank holding companies of today are the best example of hybrid intermediaries, but I argue that financial firms from the ?nonbank? space can just as easily evolve into conglomerates with similar organizational structure, thus acquiring the capability to engage in financial intermediation. I document instances of the emergence and growth of ...
Staff Reports , Paper 705

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