Nonbank lenders as global shock absorbers: Evidence from US monetary policy spillovers

• 成果类型: Article
• 署名作者: Elliott, David; Meisenzahl, Ralf R.; Peydro, Jose-Luis
• 署名单位: Bank of England; Federal Reserve System - USA; Federal Reserve Bank - Chicago; Imperial College London; Centre for Economic Policy Research - UK
• 刊物名称: JOURNAL OF INTERNATIONAL ECONOMICS
• ISSN/ISSBN: 0022-1996
• DOI: 10.1016/j.jinteco.2024.103908
• 发表日期: 2024
• 关键词: Nonbank lending; International monetary policy spillovers; Global financial cycle; banks; US dollar funding for non-US firms

摘要

We show that nonbank lenders act as global shock absorbers from US monetary policy spillovers. For identification, we exploit monetary policy surprises and the global syndicated lending market, where detailed loan -level data allow us to compare the participation of banks and nonbanks in the same loan. When US policy tightens, dollar credit to non -US firms falls, but nonbanks increase credit supply (relative to banks), thereby mitigating the total credit reduction. This relative increase is stronger for riskier non -US firms, proxied by emerging market firms, high -yield firms, or firms in countries with stronger capital inflow restrictions. Finally, there are real effects associated with the international nonbank channel of monetary policy, as firms with better access to nonbank credit relatively increase total corporate debt, investment, and employment.