Is a Private-Credit Crisis Imminent?
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The rapid expansion of opaque and minimally regulated lending outside the traditional banking system over the past 15 years largely flew—as intended—under regulators’ radar. Now, however, signs of trouble in shadow banking are multiplying, with rising redemptions and notable fund failures stoking fears of a 2008-style crisis. Though we might not be headed toward a meltdown just yet, regulators, especially in the United States, are turning a blind eye to the growing risks.
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