Dampening the Financial Accelerator? Direct Lenders and Monetary Policy
利用1997-2018年美国银团贷款数据，研究发现直接贷款人在货币政策导致借款人净值收缩时更易加入贷款团，从而可能削弱货币政策的金融加速器渠道。
Abstract Direct lenders, nonbank credit intermediaries with low leverage, have become increasingly important players in corporate loan markets. In this paper, we investigate the role they play in the monetary policy transmission mechanism, using U.S. dollar syndicated loan data covering the 1997–2018 period. We show that direct lenders are more likely to join loan syndicates whenever monetary policy announcements trigger a contraction in borrowers' net worth irrespective of the directional change in interest rates. Thus, our findings suggest that direct lenders dampen the financial accelerator channel of monetary policy.