Evolution of Debt Financing Toward Less-Regulated Financial Intermediaries in the United States
综述了非银行机构在美国债务市场中日益增长的作用，探讨了银行监管差异如何激励非银行参与信贷市场，并分析了这一趋势对金融稳定和疫情期间流动性供给的影响。
Abstract Nonbank lenders have been playing an increasing role in supplying debt, especially after the Great Recession. How important are the distortions in the greater regulation of banks that differentially limit risk-taking across alternative providers of credit? How might the growing role of nonbanks in credit markets affect financial stability? This selective review addresses these questions and discusses how banks and nonbanks helped provide liquidity to the nonfinancial sector during the COVID-19 pandemic shock. We argue that tighter bank regulation has created incentives for nonbanks to increase their participation in credit markets, a trend that creates concerns about financial stability.