Choosing the Narrative? The Shadow Banking Crisis in Light of COVID

22 Pages Posted: 2 Dec 2020

See all articles by Marcus H. Miller

Marcus H. Miller

University of Warwick - Department of Economics; Institute for International Economics; Centre for Economic Policy Research (CEPR)

Date Written: November 1, 2020

Abstract

Using a common two-sector framework, key features of these contrasting accounts of the market for banking services are presented, along with their corresponding diagnoses of what precipitated financial crisis. To see what the experience of Covid might imply about their relative credibility, four aspects of the current pandemic are considered: how it began from a small biological shock; how it gets spread by contagion; the significance of externalities; and how it may end with a vaccine. But the reader is left to form his or her own judgement.

JEL Classification: G01, G24, G41, Y8, Z13

Suggested Citation

Miller, Marcus H., Choosing the Narrative? The Shadow Banking Crisis in Light of COVID (November 1, 2020). Available at SSRN: https://ssrn.com/abstract=3737620

Marcus H. Miller (Contact Author)

University of Warwick - Department of Economics ( email )

Coventry CV4 7AL
United Kingdom
+44 24 7652 3048/9 (Phone)
+44 24 7652 3032 (Fax)

Institute for International Economics

1750 Massachusetts Avenue, NW
Washington, DC 20036-1903
United States

Centre for Economic Policy Research (CEPR)

London
United Kingdom

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