This evolution also could lead to greater complexity, such as longer chains of interconnections, which makes it more difficult for market participants to understand the risks arising from their exposures.
BIS central bankers’ speeches  Lots of people claim to have predicted the crisis, though I doubt that Warren Hogan, were he here, would claim that he and Ivor Pearce foresaw it in all its dimensions almost 30 years ago. I think they would perhaps claim that their saga of Htrae, where international crossborder financing ultimately produced a crisis, contained many relevant insights.