It is useful to reflect on how the financial environment changed between the credit crunch episode of the early 1990s and the recent financial crisis. What did we learn from the earlier crisis, and how did the credit crunch literature help guide policy in the more recent crisis? Two important changes were the consolidation of the banking sector and the dramatic growth in nonbank financial intermediaries, which are much more susceptible than banks to liquidity risks because of a lack of deposit insurance. This article highlights that, although security broker-dealers, money market mutual funds, and issuers of asset-backed securities were not particularly important in the early 1990s, when the bank credit crunch occurred, they grew dramatically to become both major sources of financing and key elements in exacerbating the problems experienced during the recent financial crisis.

中文翻译：

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信贷供应中断：从信贷紧缩到金融危机*

反思一下1990年代初的信贷紧缩事件和最近的金融危机之间的金融环境是如何变化的。我们从早期的危机中学到了什么，信贷紧缩文献如何帮助指导近期的危机中的政策？两个重要变化是银行业的合并和非银行金融中介机构的急剧增长，由于缺乏存款保险，这比银行更容易受到流动性风险的影响。本文着重指出，尽管在1990年代初发生银行信贷紧缩的时候，证券经纪交易商，货币市场共同基金和资产支持证券的发行人并不是特别重要，