Combating liquidity stress is a key focus
The search for yield is driving the surge in non-bank lending
The large, opaque market has filled a void but created new risks that are hard to detect
The combination of leverage with rising real estate and other asset valuations is a vulnerability
As central bank balance sheets swelled, non-banks were overshadowed
Further reforms may be needed to address vulnerabilities revealed under extreme market stress
Liquidity injections helped these banks survive the pandemic, but underlying perils persist
Global policymakers seek lessons from the Covid-19 crisis
The sector now accounts for almost half of global financial assets
Banks in particular face future earnings, ratings challenges due to pandemic