As #banks are better capitalized and risk managed after the #GFC (global financial crisis), #financialrisk has migrated to #NBFIs, nonbank financial institutions, #hedgefunds, #pensionfunds, #insurancefunds, and market-based funding in general with less visibility and granular data for regulators:
Linda S. Goldberg from the NY Fed 2022 gives the #IMF Mundell-Fleming Lecture: Global #Liquidity: Drivers, #Volatility and Toolkits
https://www.youtube.com/watch?v=MpCzTFX31Cc