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 …

dimensions: (i) the role of under-capitalized banks, (ii) effects on zombie firms, and (iii) spillovers and distortions for non …

We study the crash of bank stock prices during the COVID-19 pandemic. We find evidence consistent with a "credit line … drawdown channel". Stock prices of banks with large ex-ante exposures to undrawn credit lines as well as large ex-post gross … drawdowns decline more. The effect is attenuated for banks with higher capital buffers. These banks reduce term loan lending …