In recent years, assets of non-bank financial intermediaries (NBFIs) have grown significantly relative to those of … banks. These two sectors are commonly viewed either as operating in parallel, performing different activities, or as … substitutes, performing substantially similar activities, with banks inside and NBFIs outside the perimeter of banking regulation …

international trade uncertainty on domestic credit supply. We exploit cross-sectional heterogeneity in banks' ex-ante exposure to … trade uncertainty and find that an increase in trade uncertainty is associated with a contraction in bank lending to all … exposed banks assess their borrowers as riskier and reduce the maturity of their loans and a financial frictions channel by …