Small Bank Lending in the Era of Fintech and Shadow Banks: A Sideshow?
研究了非银行机构崛起背景下，小银行如何利用融资优势在抵押贷款市场中持续存在，并分析了监管负担和GSE融资成本变化对信贷供给的异质性影响。
Abstract Amid the emerging dominance of nonbanks, small banks use key financing advantages to persist in the mortgage market. We provide evidence of the heterogeneous impact of two shocks to the supply of mortgage credit: postcrisis regulatory burden and GSE financing cost changes. Small banks exploit regulation disproportionately affecting the largest four banks (Big4) and their ability to lend on balance sheet to strongly substitute for the retreating Big4. The erasure of guarantee fee (g-fee) discounts for large lenders facilitates small bank growth in GSE lending. Small banks also grow balance sheet loans in areas more exposed to g-fee hikes.