A short history:
After the 2008-09 great financial crisis, Zoltan Pozsar, then in NYFED, wrote a seminal paper about shadow banking, and for the first time, drew a map of the Shadow Banking System. The rumor has it that the head of NYFED disliked the paper so much that it ended his career there! However, to this date, that map is the most accurate description of the Shadow Banking System and embarrassment for NYFED.
(The shadow banking system map is here in the link below!)
The map questioned the Fed’s understanding of how financial markets worked when it was published. However, as we discussed in the class, there has been lots of change in the market structure after the 2007-08 financial crisis. Your task is to write a 1000words of
1. On the first page, you have to interpret the system (aka the map) and clearly describe all the important elements of this map.
2. On the second page, you have to update the map by clearly write the important changes in the market structure and how those changes differ from the system that Zoltan drew in 2008.
**Attachments are the writings from Zoltan.
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