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The rise of securities markets and the expansion of intermediation by nonbanks has come partly at the expense of commercial banks. Plot the ratio of

The rise of securities markets and the expansion of intermediation by nonbanks has come partly at the expense of commercial banks. Plot the ratio of bank credit (FRED code: TOTLL) to debt securities owed (FRED code: ASTDSL). What is the overall trend? Has the trend changed since the 1990s and, if so, how?

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