cs - global money notes

7/26/2019 CS - Global Money Notes

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DISCLOSURE APPENDIX AT THE BACK OF THIS REPORT CONTAINS IMPORTANT DISCLOSURES AND

ANALYST CERTIFICATIONS.

CREDIT SUISSE SECURITIES RESEARCH & ANALYTICS BEYOND INFORMATION

Client-Driven Solutions, Insights, and Access

Global Money Notes # 1

The Money Market Under Government Control

The Feds new Reverse Repo (RRP) facility could get big very big as

interest rates start to rise, despite what Fed officials have been saying. The

facility has been trending around $150bn, roughly 1/20th of the level of bank

reserves.

A much larger RRP facilitythink north of a trillion would represent the end-

point of an evolution that began before the crisis, when large dealer repo books

stood between institutional cash pools and leveraged carry trade investors to

after the crisis, when bank balance sheets were expanded by both reserve

assets and deposit liabilities created by QE to

the future, when government-only money funds grow to hold large volumes of

RRPs as assets and issue fixed-NAV shares (money) to institutional cash pools.

What are institutional cash pools? Think corporate treasuries and the cash

desks of asset managers and FX reserve managers. Their demand for short-

term, money-like assets has had a strong secular growth for several decades.

New regulations have constrained some investors in terms of what they can

buy, and many institutions, in terms of what they can (profitably) issue.

History shows that when financial innovation occurs or rules change, the least

constrained players grow.

In contrast to banks and dealers that face various charges on capital and

balance sheet, and prime funds whose shares have lost moneyness due toregulation, government funds are relatively unconstrained.

They will likely grow, fed by an RRP facility that may grow much larger and

become a permanent fixture of the financial system. In our view, this would

herald the arrival of an era of financial RRPression in the US money market

where the sovereign dominates and dealers play a supporting rolethe inverse

of the pre-crisis state of affairs.

While this shift would undoubtedly reap massive financial stability benefits, the

main reason why the RRP facility might need to get much bigger is not financial

stability related, but rather revolves around the Fedspotential inability to control

short-term interest rates in an era where Basel III and banks satiated with

excess reserves hinder monetary transmission.

Why pay attention to this plumbing stuff?

Because the infrastructure of markets determines which trades can profitably be

done, and which institutions will grow in importance over time.

This piece marks a return to our prior focus on shadow banking and the global

financial system (see references at the end).

Research Analysts

Zoltan Pozsar

212 538 3779

[email protected]

James Sweeney

212 538 4648

[email protected]

07 May 2015Economics Research

http://www.credit-suisse.com/researchandanalytics
https://rave.credit-suisse.com/disclosures/view/fixedincomehttps://rave.credit-suisse.com/disclosures/view/fixedincome


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07 May 2015

Global Money Notes # 1 2

Circumstances rule central banks. And the current circumstances include new regulations,

banks satiated with reserves, and institutional cash pools that are still large and growing.

Institutional cash pools, the short-term debt portfolios of asset managers and corporate

treasuries, have experienced strong secular growth in recent decades. Since 2000, they

have grown from $1tn to $7tn. Their ascent has played a key role in shaping the global

financial system. In particular, it drove the rise of wholesale funding markets on the one

hand and carry trading on the other and the associated rise in the fragility of the system.

1

The 2008-2009 crisis marked a structural shift in how the money demand of cash pools is

intermediated. Intermediation shifted from private balance sheets to the balance sheet of

the sovereign. The untold story behind the changes in the money market since 2008 is

policymakers struggle to find a permanent home for the money demand of cash pools in a

financially stable manner that is also consistent with control over short-term interest rates.

From Private Carry to Public Carry

Before 2008, broker-dealer balance sheets had virtually unlimited elasticity and were the

main source of short-term debt supply, with $4.5 trillion in repos outstanding at the peak.

Broker-dealers manufactured these short-term assets by financing (predominantly)

"safe," long-term assets such as US Treasuries and agency RMBS for leveraged bondportfolios. They reused these securities through their matched repo books for their own

funding. Cash pools held dealer repos directly or indirectly through money funds (see

Exhibit 1).

Exhibit 1: Pre-Crisis System of Private Carry and Private Money Dealing

Cash pools direct and indirect holdings of repo

(private carry)

"Carry Trading" "Money Dealing"

Bond Portfolios Broker-Dealers

Repo

Money Funds

(prime/government)

Cash Pools

Bonds Repo Repo $1 NAV $1 NAV

Repo

(matched books)

Repo

Source: Credit Suisse

After the crisis, dealers repo books shrank, and the Fed became the marginal source of

supply of short-term assets through its $2.8 trillion increase in bank reserves. The Fed

manufactured short-term assets by purchasing US Treasuries and agency RMBS and

paying for them with newly createdreserves.

Operationally, quantitative easing (QE) involves four parties: the Fed, dealers, banks, and

asset managers. The Fed purchases bonds from asset managers through dealers. Bond

owners are credited with bank deposits. Bond ownersbank balance sheets increase on

both sides: assets rise in the form of reserves; liabilities rise in the form of deposits.2

Meanwhile, the crisis brought about a massive decline in dealers repo liabilities. This was

initially dueto crisis deleveraging, but was later enforced by regulation (Basel III).

1 See "Institutional Cash Pools and the Triffin Dilemma of the US Banking System"by Zoltan Pozsar (IMF, 2011).

2 If the Fed had bought bonds from banks directly, deposits (M1) would not have risen, because one form of bank assets (bonds)would simply offset another (reserves).
https://www.imf.org/external/pubs/ft/wp/2011/wp11190.pdfhttps://www.imf.org/external/pubs/ft/wp/2011/wp11190.pdfhttps://www.imf.org/external/pubs/ft/wp/2011/wp11190.pdfhttps://www.imf.org/external/pubs/ft/wp/2011/wp11190.pdfhttps://www.imf.org/external/pubs/ft/wp/2011/wp11190.pdfhttps://www.imf.org/external/pubs/ft/wp/2011/wp11190.pdfhttps://www.imf.org/external/pubs/ft/wp/2011/wp11190.pdf


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Exhibit 2: Tectonic Shifts in the US Money Market

Short-term sovereign claims substitute dealer repos to accommodate the secular trend growth of cash pools, $ trillion

1

2

3

4

5

6

7

00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16

Securities Out (Fed eligible collateral) Reserves plus short-term U.S. Treasuries

Source: Federal Reserve, U.S. Treasury, Haver Analytics, Credit Suisse

As the level of dealer repos fell, the level of reserves rose. The increase in reserves drove

an increase in deposits and other bank liabilities. The Feds massive new carry trade was

an offset to shrunken leveraged bond portfolios. As the shadow banking system3shrank,

the traditional banking system grew. 4 Exhibit 2 shows the uninterrupted growth of

institutional cash pools along their pre-crisis trend. The growth in reserve balances andTreasury bills (government money-like assets) took off when repo collapsed. Interestingly,

government short-term debt appears to be riding the same trend as repo did pre-crisis.

Money dealingthe high volume, low margin business of borrowing and lending in short-

term markets is being done by various entities in Exhibits 1 and 3. But what is clear is

the migration of the money-dealing function from dealer balance sheets to traditional

banks and the migration of carry trading from bond portfolios to the Feds balance sheet.

In these charts we see alternative systems of intermediated flows from savers to

borrowers. Compared to the pre-crisis state of affairs, the role of borrower shifted from the

private sector (bond portfolios earning profits from private carry trades) to the public sector

(the Feds seignioragerevenues/profits from its public carry trades).

Regulatory reform since the crisis enshrined these changes. Broker-dealers footprint asmoney dealers permanently shrank, as costs became prohibitive.

But the new rules made money dealing costly for banks too.

3 We define shadow banking as "money market funding of capital market lending." See "Bagehot was a Shadow Banker" by PerryMehrling, Zoltan Pozsar, James Sweeney and Daniel Neilson (INET, 2013)

4NB: This is a one example of the many important offsetting phenomena which characterize the financial system.
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2232016http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2232016http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2232016http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2232016http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2232016


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Exhibit 3: Post-Crisis System of Public Carry and Public Money Dealing

Cash pools indirect holdings of reserves

Deposits

(public carry)

(matched books)

Bonds Reserves Reserves Deposits

(public carry)

$1 NAV

CD CD

CP CP

Federal Reserve U.S. Banks

(matched books) (prime)

Bonds Reserves Reserves Repo Repo $1 NAV

Cash Pools

Federal Reserve Foreign Banks Money Funds Cash Pools


However, because only banks can hold reserves, the banking system is stuck with thenew regulatory costs of money dealing. Depressed net interest margins and returns on

equity are the resultalong with a banking system resolute to minimize these drags. This

structural shock to the profitability of the banking system is a likely impetus to change.

As always, changes will involve arbitrage. Not an arbitrage of Basel III (which is near-

impossible due to the new accords scope and invasiveness), but of the spirit of the

Federal Reserve Act, by allowing access to Fed liabilities to entities the Act does not

permit to hold reserves.

This arbitrage will intertwine the balance sheets of the Fed and money funds. A rapidly

growing and ultimately permanent RRP facility will be the link, in an awkward marriageof

necessity intended to help the Fed maintain precise control of short-term interest rates.

Basel III Disrupts ArbitrageExhibit 4 shows several short-term interest rates: the Feds interest on excess reserves

(IOER), the federal funds rate, the overnight (Fed) reverse repo (RRP) rate, the overnight

GC repo rate, and the overnight AA financial commercial paper rate.

Some market participants have no choice but to lend money to banks at rates less than

the Fed pays in IOER. This shows that the Feds interest rate on excess reserves (IOER)

has not been an effective floor to short-term interest rates.

The reasons for that require some key institutional details.

Banks were force-fed the excess reserve balances created by QE. They did not demand

those reserves, and so are satiated with them. The actual holding of reserves is highly

uneven across banks, with the largest US banks (and in particular the two clearing banks)

holding a disproportionate share, and foreign banks holding the rest (see Exhibit 5).

Regulations make it costly for banks to hold reserves, limiting their appetite to pay up for

funding. Reserves count against banks leverage caps, and the largest US banks have to

hold 6% capital against them thats 6% capital against riskless arbitrage trades earning

slivers of basis points in spread and involving what is considered the safest possible

counterparty. For US banks there is a further FDIC fee increasing costs even further.


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The interaction between reserves satiation and regulation means the Feds control over

short-term interest rates may be less than it used to be. Because reserves are the

marginal supply of short-term assets post-crisis and because cash pools can hold these

reserves only indirectly through the balance sheet of banks, banks maintain absolute

control over what share of IOER flows through to cash pools and by extension the

extent to which higher IOER rates (once the Fed begins to hike) will flow through to

financial conditions more broadly.

The Fed new reverse repo (RRP) facility regains control over short-term interest rates by

allowing money funds to bypass banks and invest cash with the Fed directly (see Exhibit

6). Think of it as a buffer in case banks intent on minimizing the post-crisis costs of money

dealing fail to pass on higher rates to their funding providers.

It can also be thought of as direct access to the Feds balance sheet for shadow banks .

This is the arbitrage of the spirit of the Federal Reserve Act we mentioned above.

An arbitrage because the Act allows reserve accounts to be held only by traditional banks.

But as banks became bottlenecks in the monetary transmission process a broader access

to the Feds balance sheet became necessary. This was possible on ly through arbitrage

the creation of quasi reserve accounts for shadow banks in the form of RRPs.

Exhibit 4: Basel III Disrupts Arbitrage, Clogs Monetary Transmission% per annum

0.00

0.05

0.10

0.15

0.20

0.25

0.30

13 14 15FF effective o/n RRPs GCF repo AA financial CP IOER

Source: Haver Analytics, Credit Suisse


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Exhibit 5: Excess Reserves Burden Predominantly G-SIBs

Excess reserves, $ trillion

0.0

0.5

1.0

1.5

2.0

2.5

Total Banks by type U.S. banks by name

U.S. banks NY branches of foreign banks JPM WFB BoA SST BoNY Citi GS HSBC MS

Source: Call Reports, Haver Analytics, Credit Suisse

Exhibit 6: Enter the RRP FacilityUnclogging Monetary Transmission

Streamlining the money dealing process and getting around the depressed funding rates offered by banks.

Bonds RRPs RRPs $1 NAV

$1 NAV

$1 NAV

(public carry)

Federal Reserve Money Funds

(matched books)

CD CD

CP CP

Money Funds


Bonds Reserves Reserves Repo Repo $1 NAV

(public carry)

Federal Reserve Banks Cash Pools

Cash Pools

"Carry Trading" "Money Dealing"



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The Money Dealing Hot Potato

The RRP facility is policymakers latest attempt to create a redoubtable money market. So

far, the overnight RRP facility has helped firm up short-term interest successfully.

But maintaining control over short-term interest rates as policy is tightening will be

challenging if the RRP facility does not grow significantly. As discussed above, banks

might not pass on higher interest rates to their funding providers. If they dont, cash poolswill attempt to leave banks and look for higher-yielding RRPs. Getting the size of RRP

issuance right is tricky: as we have emphasized, whenever one component of short-term

markets grows or shrinks, something will have to offset it.

Exhibit 7 shows the money dealing function being passed around like a hot potato. Before

the financial crisis, broker-dealers practiced money dealing through a matched book repo.

However, dealers eventually facilitated so much risk transformation that it exposed the

system to fire sale and run risks. Later, banks became the dominant money dealers,

funding massive volumes of maturity transformation on the balance sheet of the Fed.

While this change reduced risks of private maturity transformation, reforms made it so

costly for banks that the Feds ability to control short-term interest rates came into question.

Eventually, we expect a massive and permanent overnight RRP facility, with government-

only money funds emerging as the ultimate home of money dealing. Money market fundsin many ways are anathema to central bankers. But to regain control over short-term

interest rates they deal with them directly: the marriageof necessity will occur.

Exhibit 7: In Search of a Home

The total volume of money dealing conducted by various intermediaries over time, $ trillion

0.0

0.5

1.0

1.5

2.0

2.5

3.0

Broker-Dealers(repos funding private carry trades)

Banks(reserves funding the Fed's carry trades)

Money funds(RRPs funding the Fed's carry trades)

Pre-Crisis (2007Q2) Today (2014Q4) Tomorrow? (2016Q4)

... and ultimately from banks togovernment-only money funds.

Money dealing migratesfrom dealers to banks...

Source: Federal Reserve, Haver, Credit Suisse

Of course, this is not the Feds stated policy script. According to the latest minutes, the

FOMC intends the RRP facility to be a temporary feature and expects that it will be

appropriate to reduce the capacity of the facility soon after it commences policy firming.
http://www.federalreserve.gov/monetarypolicy/files/fomcminutes20150318.pdfhttp://www.federalreserve.gov/monetarypolicy/files/fomcminutes20150318.pdfhttp://www.federalreserve.gov/monetarypolicy/files/fomcminutes20150318.pdfhttp://www.federalreserve.gov/monetarypolicy/files/fomcminutes20150318.pdf


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We disagree. The facility has already evolved in ways that are inconsistent with the

FOMCs initial goals. Its size is now limited, but the latest FOMC minutes suggest a

potential suspension of the cap during lift-off (albeit on a temporary basis).

Exhibit 8 illustrates the migration of money dealing to government-only money funds in this

possible future state of the world. New rules force banks, dealers, and prime funds to

shrink their short-term issuance. Government-only funds, in contrast, are relatively

unconstrained; we think they will grow and become the key money dealersin the system.A much larger or full allotment RRP facility could make this happen.

Exhibit 8: Will the Fed Respond to Bulging Demand?

Regulatory constraints all point toward a dramatic supply response from the Fed.

Federal Reserve

No regulatory constraints.

PrivateMon

eyDealing

(public carry)

(public carry)

(public carry)

G-SIFI surcharges (Fed)

RRPs - ?

Caps on RRPs

Money fund

reforms (SEC)

$1 NAV

CP

Foreign Banks

CD

Cash PoolsMoney Funds


$1 NAVBonds Reserves Reserves Repo Repo

(matched books)

CP

U.S. Banks

Only product availability constraints.(self-impos ed by the FOMC)

quarterly average accounting.

Cash Pools

Federal Reserve

Basel III, FDIC fees,

Basel III, IHC (Fed),

CD

Federal Reserve Money Funds

(government-only)

$1 NAV

Publi

cMoneyDealing

Cash Pools

Bonds Reserves Reserves Deposits Deposits

Bonds RRPs $1 NAV


US banks, the New York branches of foreign banks, and prime funds have good reasons

to pare their money-dealing activities.

Capital timetables for both US and non-US banks are ramping up with the phase-in of the

Basel III accords capital conservation buffers and countercyclical capital buffers, as well

as Feds G-SIB5surcharges starting to get phased in 2016 and ramping up through 2019.

A major US bank recently announced plans to shed $100 billion in non-operating deposits

(and an equivalent amount of reserves) - just weeks after it emerged that it was the only

US bank with a capital shortfall ($20 billion short once G-SIB surcharges are factored in).

Since raising more capital without shedding low margin money dealing would dilute the

banks RoE, it opted to reduce its money-dealing activities by trying to shed non-operating

deposits by imposing fees on them or by engaging in a dialogue with clients to move them.

5 G-SIB = Global Systemically Important Bank


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A bank can only reduce its reserve holdings by shifting them and their dilutive burden

to another bank. Only the Fed can extinguish reserves and non-operating deposits, either

by shrinking its balance sheet or by increasing the RRP facility.

Unless this happens, incentives will increase for banks to chase excess reserves off their

balance sheets via imposing fees on deposits and/or offering depressed rates on their

liabilities just as the Fed is hiking rates. The New York branches of foreign bankswhich

collectively hold just over $800 billion in reserves will soon join US banks in trying toshrink their money dealing activities as the Fed will require them to establish separately

capitalized intermediate holding companies and face more stringent leverage reporting

requirements. Both will raise the burden of money dealing for foreign banks.

These are major factors which could complicate the Feds attempt to raise interest rates.

Furthermore, the SECs money market reforms mandate that institutional class prime

funds float their net asset value (NAV) by October 2016. Government-only money funds

may retain a stable NAV. This will incentivize cash pools to reallocate from prime to

government-only funds. New rules end prime funds as we know them: going forward,

prime funds will be viewed as a short-term yield product, not a short-term liquidity product.

Cash pools reallocation from institutional-class prime to government-only funds has

already begun. It is getting an early tailwind from the voluntary conversion of prime money

funds into government-only money funds by several large asset managers.

Exhibit 8 shows cash pools crowding into government-only money funds the only

balance sheets in the financial ecosystem not subject to new regulatory constraints.

A very large supply of RRPs will be needed to accommodate the demand for government

fund liabilities from cash pools. Potential alternatives, such as Treasury bills and dealer

repo, are unlikely to grow meaningfullyunless the US Treasury makes dramatic changes

to its debt management strategy or the bite of Basel III is reduced, which is unlikely.

In the extreme, the RRP facility could facilitate shifting the funding of the entire Fed

portfolio onto the balance sheet of government-only money funds. This would help reduce

reserve balances back to pre-crisis levels sooner than the market thinks, and enable the

Fed to achieve its aim to get back to its old operating regime of targeting the level of the

fed funds rate (as opposed to targeting a target range for the fed funds rate at present).

In this sense, if IOER is a magnet, the RRP facility is a dam, keeping excess reserves

outside of the banking system and on the balance sheet of money funds. This could help

interbank markets return to normalcy and provide a safer way to absorb the money

demand of institutional cash pools compared with the pre-crisis shadow banking system.

Swapping excess reserves for RRPs on a large scale is unlikely to do anything dramatic to

the flow of long-term credit in the economy. If RRPs are uncapped and demand for them

soars, all that will happen (as a matter of double-entry bookkeeping) is that bank balance

sheets will shrink and government money fund balance sheets will grow in equal amounts.

As reserves are swapped for RRPs, cash poolsholdings switch from bank liabilities to

government-only money fund liabilities. About the only major change in this configuration

is that more of the profits from money dealing will flow to money funds and less to banks.

The only link to the real economy in these chains is through the SOMA portfolios Treasury

and RMBS holdings, the funding of which is unaffected by swapping reserves for RRPs. If

anything, it would only get cheaper as RRPs pay only a fraction of the 25 bps offered on

excess reserves, boosting the Feds remittances (seigniorage revenues) to the Treasury.


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Between Monetary Control and a Small Balance Sheet

Once again, we emphasize the nature of the financial ecosystem, where any new growth

or reduction prompts an offset elsewherefor every action there is a reaction.

Fed RRPs, Treasury bills, and dealer repos are close substitutes and forms of money.

The crisis showed that their relative supplies matter.

Perhaps markets will not be permitted to determine that again in our lifetimes.

If this is the case, we will have to adapt to a sovereign thats going to be a larger and more

active (or rather, more activist) participant in the wholesale money market than before.

This implies that the sovereign may choose to accommodate some share of the growing

money demand of cash pools on its balance sheet if it deems the volume of private or

shadow money creation to be excessive and posing a risk to financial stability.

Accommodating some share of cash pools money demand through a rising and

permanent stock of RRPs would be similar to a central bank increasing the supply of

currency to accommodate the growing money demand of households as the economy

growsa basic feature of all monetary systems.

We make little fuss about accommodating currency demand along a trend, perhaps

because we are more familiar with the image of central banks accommodating the money

demand of households than with the image of central banks accommodating the money

demand of institutional cash pools by issuing RRPs. Economically they are the same.

If the Feds balance sheet never shrinks much, cash pools will have migrated from funding

broker-dealers (pre-crisis) to funding the sovereign (post-crisis). The composition of the

money fund complex will have shifted from mostly prime (pre-crisis) to mostly government-

only money funds (post-crisis). And the supply of short-term assets will have shifted from

mostly shadowor privatemoney (pre-crisis) to mostly public money (post-crisis).

And as the sovereign replaces banks and shadow banks as the dominant borrower in the

wholesale money markets, risks to financial stability will decrease (as more money will be

public and less will be private). And the Fed will have delivered on its financial stability

mandate not by vigilance over systemic risks, but by increasing the supply of public moneythrough its balance sheet. This echoes the 1940s experience, which left US banks with

large holdings of Treasury bills, and without any major crises for several decades.

The size of bank holding companies, and hence their profits and RoEs, are checked by

global capital, liquidity, funding and leverage rules, which have reduced balance sheet

elasticity. As intermediaries are less flexible in their ability to furnish elastic currency,

someone else will have to do it insteadand that wont be Bitcoin but the sovereign.

The secular rise of cash pools coincided with the three-decade trend toward lower interest

rates. Although many investors target certain yield and return levels because of

institutional arrangements, low yields did not eventually lead to sufficient issuance in long-

term debt to steepen yield curves and attract savings out of cash pools (which were

targeting short-term paper) and into intermediate and long-term debt. Perhaps the

elasticity of dealer balance sheet before the crisis served to supply the leverage (via repo)to target higher returns in a low yield world (as an alternative to higher long-term issuance).

One long-term development, then, that could come from restrained balance sheets would

be increased long-term issuance, increased long-term all-in yields for credit products, and

a migration of savings toward longer-term securities. There are some signs of this already

happening. And regulation may encourage this too. For example, new rules are forcing

many banks to term out their debt issuance, increasing the supply of long-term credit.


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In the meantime, however, we think government issuance is more likely to satisfy the

demand of cash pools, not a large increase in long-term credit that drives up the yields

and attractiveness of longer-term securities (traditionally bonds) relative to short-term

securities (traditionally money).

For the Fed to get back to targeting a level for the fed funds rate, it will have to come to

terms with the institutional realities of the modern financial ecosystem. Specifically:

Wholesale money demand is a structural feature of the system, not an aberrationthat can be eliminated by forcing banks to term out their funding.

Institutional cash pools, not households, are the dominant sources of funding in

the US money markets.

The shadow banking system exists parallel to the banking system.

The economys critical funding channel is hybrid: deposits yes, but also secured

repos issued either by broker-dealers orif notby the Fed through RRPs.

To paraphrase Herodotus circumstances rule central banks; central banks do not rule

circumstances.The Fed must seek the correct monetary policy stance, including the right

size and composition of its balance sheet, in world of great change and complexity.

The reduced elasticity of bank and broker-dealer balance sheets amid the still-growingmoney demand of institutional cash pools represent the defining challenge to the system.

Interest rates matter, and quantities do too.


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07 May 2015


References:

Pozsar, Zoltan, The Rise and Fall of the Shadow Banking System, MoodysEconomy.com (July, 2008)

Wilmot, Jonathan, Sweeney, James, Klein, Matthias and Lantz, Carl, Long Shadows,Credit Suisse (May, 2009)

Pozsar, Zoltan, Adrian, Tobias, Ashcraft Adam and Boesky, Hayley, Shadow Banking,FRBNY (July, 2010)

Pozsar, Zoltan Institutional Cash Pools and the Triffin Dilemma of the US BankingSystem, IMF (August,2011)

Sweeney, James and Wilmot, Jonathan, When Collateral Is King, Credit Suisse(March, 2012)

Mehrling, Perry, Pozsar, Zoltan, Sweeney, James and Neilson Dan Bagehot Was aShadow Banker, INET (November, 2013)

Sweeney, James, Liquidity Required: Reshaping the Financial System, Credit Suisse

(November, 2013)

Pozsar, Zoltan, Shadow Banking: The Money View, US Treasury (July, 2014)

Pozsar, Zoltan , An Atlas of Money Flows in the Global Financial Ecosystem,US Treasury (July, 2014)

Pozsar, Zoltan, A Macro View of Shadow Banking, INET (January,2015)
https://www.economy.com/sbshttps://www.economy.com/sbshttps://www.economy.com/sbshttps://plus.credit-suisse.com/ECP_S/app/container.html#loc=/MENU_RESEARCH_DETAIL?ldocid=802668390https://plus.credit-suisse.com/ECP_S/app/container.html#loc=/MENU_RESEARCH_DETAIL?ldocid=802668390https://plus.credit-suisse.com/ECP_S/app/container.html#loc=/MENU_RESEARCH_DETAIL?ldocid=802668390http://www.newyorkfed.org/research/staff_reports/sr458_July_2010_version.pdfhttp://www.newyorkfed.org/research/staff_reports/sr458_July_2010_version.pdfhttp://www.newyorkfed.org/research/staff_reports/sr458_July_2010_version.pdfhttps://www.imf.org/external/pubs/ft/wp/2011/wp11190.pdfhttps://www.imf.org/external/pubs/ft/wp/2011/wp11190.pdfhttps://www.imf.org/external/pubs/ft/wp/2011/wp11190.pdfhttps://www.imf.org/external/pubs/ft/wp/2011/wp11190.pdfhttps://plus.credit-suisse.com/ECP_S/app/container.html#loc=/MENU_RESEARCH_DETAIL?ldocid=955237241https://plus.credit-suisse.com/ECP_S/app/container.html#loc=/MENU_RESEARCH_DETAIL?ldocid=955237241https://plus.credit-suisse.com/ECP_S/app/container.html#loc=/MENU_RESEARCH_DETAIL?ldocid=955237241http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2232016http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2232016http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2232016http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2232016https://plus.credit-suisse.com/ECP_S/app/container.html#loc=/MENU_RESEARCH_DETAIL?ldocid=1025713381https://plus.credit-suisse.com/ECP_S/app/container.html#loc=/MENU_RESEARCH_DETAIL?ldocid=1025713381https://plus.credit-suisse.com/ECP_S/app/container.html#loc=/MENU_RESEARCH_DETAIL?ldocid=1025713381http://financialresearch.gov/working-papers/files/OFRwp2014-04_Pozsar_ShadowBankingTheMoneyView_Attachment.pdfhttp://financialresearch.gov/working-papers/files/OFRwp2014-04_Pozsar_ShadowBankingTheMoneyView_Attachment.pdfhttp://financialresearch.gov/working-papers/files/OFRwp2014-04_Pozsar_ShadowBankingTheMoneyView_Attachment.pdfhttp://financialresearch.gov/working-papers/files/OFRwp2014-04_Pozsar_ShadowBankingTheMoneyView_Attachment.pdfhttp://financialresearch.gov/working-papers/files/OFRwp2014-04_Pozsar_ShadowBankingTheMoneyView_Attachment.pdfhttp://financialresearch.gov/working-papers/files/OFRwp2014-04_Pozsar_ShadowBankingTheMoneyView_Attachment.pdfhttp://ineteconomics.org/sites/inet.civicactions.net/files/Macro_View_Final.XcxMB4_.pdfhttp://ineteconomics.org/sites/inet.civicactions.net/files/Macro_View_Final.XcxMB4_.pdfhttp://ineteconomics.org/sites/inet.civicactions.net/files/Macro_View_Final.XcxMB4_.pdfhttp://ineteconomics.org/sites/inet.civicactions.net/files/Macro_View_Final.XcxMB4_.pdfhttp://financialresearch.gov/working-papers/files/OFRwp2014-04_Pozsar_ShadowBankingTheMoneyView_Attachment.pdfhttp://financialresearch.gov/working-papers/files/OFRwp2014-04_Pozsar_ShadowBankingTheMoneyView_Attachment.pdfhttps://plus.credit-suisse.com/ECP_S/app/container.html#loc=/MENU_RESEARCH_DETAIL?ldocid=1025713381http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2232016http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2232016https://plus.credit-suisse.com/ECP_S/app/container.html#loc=/MENU_RESEARCH_DETAIL?ldocid=955237241https://www.imf.org/external/pubs/ft/wp/2011/wp11190.pdfhttps://www.imf.org/external/pubs/ft/wp/2011/wp11190.pdfhttp://www.newyorkfed.org/research/staff_reports/sr458_July_2010_version.pdfhttps://plus.credit-suisse.com/ECP_S/app/container.html#loc=/MENU_RESEARCH_DETAIL?ldocid=802668390https://www.economy.com/sbs


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GLOBAL FIXED INCOME AND ECONOMIC RESEARCH

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GLOBAL ECONOMICS AND STRATEGY

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