Nonbank Lending and Credit Cyclicality

• 成果类型: Article; Early Access
• 署名作者: Fleckenstein, Quirin; Gopal, Manasa; Gutierrez, German; Hillenbrand, Sebastian
• 署名单位: Hautes Etudes Commerciales (HEC) Paris; University System of Georgia; Georgia Institute of Technology; University of Washington; University of Washington Seattle; Harvard University
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454
• DOI: 10.1093/rfs/hhaf024
• 发表日期: 2025
• 关键词: liquidity shocks evidence; Banking crisis; INVESTMENT; leverage; IMPACT; runs

摘要

We study the contribution of banks and nonbanks to cyclical fluctuations in the supply of syndicated loans. We find that a reduction in nonbank lending explains most of the contraction in syndicated credit and the associated employment losses during the Global Financial Crisis, while banks' contribution is small. Looking over multiple cycles, we find nonbanks' credit supply is roughly three times as cyclical as banks', suggesting that nonbanks are the main drivers of syndicated lending cycles. A model in which government support stabilizes bank funding can explain the higher cyclicality of nonbanks.