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What you need to look at are the real figures, not the relative proportions of funds raised from wholesale and retail markets. The wholesale funding market has been growing in absolute terms over the past 20 years partly because of new investment vehicles that offer corporates a good combination of liquidity and growth potential on their excess cash. Whereas in the 1980's they'd keep the cash stashed away in different types of unflexible money markets, today they put them in various mid to long-term funds and draw on short-term credit (usually from the same financial institutions where they invested in the funds)... while using these funds as collateral.
by vladimir on Sat Jan 19th, 2008 at 02:05:15 PM EST

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