15 years after the global financial crisis: what has changed, and where are we heading?

In the post-crisis period, a raft of regulatory measures were introduced to improve the resilience of the financial system — and these fundamentally changed the way that commercial banks operate. Banks are now required to hold a greater quantity of better-quality and more liquid capital, which restricts their activities and their ability to hold risk assets on their balance sheet. This has driven disintermediation away from banks to nonbanks, which are now holding much more risk than they did before. This is a concern.