This article studies the links between financial stability and the architecture of financial systems. We review the existing literature and provide organizing frameworks for analyzing three empirically important aspects of financial architecture: the rise of nonbank financial intermediaries, the regulatory response to these structural changes, and the emergence of complex interbank networks. One of our main new results is a necessary and sufficient condition for whether nonbank intermediaries are immune to runs in an extended version of the Diamond–Dybvig model.

中文翻译：

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金融架构和金融稳定性

本文研究了金融稳定性与金融体系架构之间的联系。我们回顾了现有文献并提供了组织框架来分析金融架构的三个重要的经验方面：非银行金融中介的兴起、对这些结构变化的监管反应以及复杂的银行间网络的出现。我们的主要新结果之一是非银行中介机构是否对 Diamond-Dybvig 模型的扩展版本中的挤兑免疫的充分必要条件。