8  Thomas A. Durkin (2006), "Credit Card Disclosures, Solicitations, and Privacy Notices: Survey Results of Consumer Knowledge and Behavior", Federal Reserve Bulletin, vol. 92, pp. A109-A121; Thomas A. Durkin and Gregory Elliehausen (forthcoming), Financial Economics of Information Disclosure: Applications to Truthin-Lending (New York: Oxford University Press). BIS Review 75/2008  3  consumers.
The problem of size here concerns the externalities produced by the asset managers’ portfolio allocation.5 The failure of a ‘too-big-to-fail’ asset manager may create systemic financial instability through its effects on markets. In the extreme event of a failure of a large asset manager, the massive sale of assets in its portfolio may dry up market liquidity, depress asset prices and heighten their volatility.