We investigate the cyclical properties of non-bank credit and its relevance for financial stability. We construct a … measure of non-bank credit for a large sample of countries and find that its cyclical properties differ from those of bank … credit. Non-bank credit cycles are highly correlated with bank credit cycles in some countries but not in others. Moreover …

network model of the economy in which trade in intermediate goods is financed by supplier credit. In the model, a financial … shock to one firm affects its ability to make payments to its suppliers. The credit linkages between firms propagate …-industry credit flows from firm- and industry-level data. I then estimate aggregate and idiosyncratic shocks to industries in the US …

We explore the structural drivers of bank and nonbank credit cycles using an estimated medium-scale macro model that … potentially drive bank and nonbank credit growth. We find that sectoral shocks affecting the balance sheets of entrepreneurs who … borrow from the financial sector are important for the business cycle frequency fluctuations in bank and nonbank credit …