Nonbank Lending and Credit Cyclicality
研究发现，在金融危机期间，非银行机构贷款收缩是银团信贷下降和就业损失的主因，且其信贷供给的周期性约为银行的三倍，表明非银行机构是银团贷款周期的主要驱动者。
Abstract 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.