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Guest Analysis
5 mins to read

The next financial stress may not come from banks

ANALYSIS: Private credit has moved from a niche investment strategy to a central source of corporate financing.

Bevan Graham Sun, 29 Mar 2026
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.

When people think about financial crises, they usually think about banks. That instinct is borne from historical precedent. The global financial crisis of 2008 was rooted in excessive risk-taking within the banking system, and the policy response since then has focused heavily on making banks

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Bevan Graham Sun, 29 Mar 2026
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© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.

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The next financial stress may not come from banks
Guest Analysis,
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