4  Recent research has examined the potential benefits and costs associated with the growth and complexity of the financial system, including Cecchetti and Kharroubi (2012), Philippon and Reshef (2012), and Zingales (2015). 5  See Fischer (2015a, 2015b) for more detailed narratives on developments in the nonbank sector at the start of the global financial crisis.
6  For example, in the old days, a bank would originate a mortgage and hold it in its portfolio.