Similar Search Results

Gennaioli, Nicola - 2011

We present a model of shadow banking in which financial intermediaries originate and trade loans, assemble these loans into diversified portfolios, and then finance these portfolios externally with riskless debt. In this model: i) outside investor wealth drives the demand for riskless debt and...

Persistent link: https://www.econbiz.de/10012461542

Intermediation Variety

Donaldson, Jason Roderick - 2019

We explain the emergence of a variety of intermediaries in a model based only on differences in their funding costs. Banks have a low cost of capital due to, say, safety nets or money-like liabilities. We show, however, that this can be a disadvantage, because it exacerbates...

Persistent link: https://www.econbiz.de/10012479896

The Effects of Competition in Consumer Credit Market

Gissler, Stefan - 2019

This paper finds that banks and non-banks respond differently to increased competition in consumer credit markets. Increased competition and the greater threat of failure induces banks to specialize more in relationship business lending, and surviving banks are more profitable. However,...

Persistent link: https://www.econbiz.de/10012480128

Shadow Always Touches the Feet : Implications of Bank Credit Lines to Non-Bank Financial Intermediaries

Acharya, Viral V.; Gopal, Manasa; Jager, Maximilian; … - National Bureau of Economic Research - 2025

Using real estate investment trusts (REITs) that invest in commercial real estate (CRE) as a leading example, we study the implications for banks of extending credit lines to "shadow banks" or non-bank financial intermediaries (NBFIs). While small and mid-size banks hold an economically...

Persistent link: https://www.econbiz.de/10015361466

Evolution of Debt Financing toward Less-Regulated Financial Intermediaries in the United States

Erel, Isil; Inozemtsev, Eduard - National Bureau of Economic Research - 2024

important are the distortions in the greater regulation of banks that differentially limit risk-taking across alternative … COVID-19 pandemic shock. We argue that tighter bank regulation has created incentives for nonbanks to increase their …

Persistent link: https://www.econbiz.de/10014486206

Nonbank Lending

Chernenko, Sergey - 2019

We provide novel systematic evidence on the extent and terms of direct lending by nonbank financial institutions, and explore whether banks are still special in lending to informationally opaque firms. Analyzing hand-collected data for a random sample of publicly-traded middle-market firms...

Persistent link: https://www.econbiz.de/10012480401

Procyclicality and Monetary Aggregates

Shin, Hyun Song - 2011

Financial intermediaries borrow in order to lend. When credit is increasing rapidly, the traditional deposit funding (core liabilities) is supplemented with other funding (non-core liabilities). We explore the hypothesis that monetary aggregates reflect the size of non-core and core liabilities...

Persistent link: https://www.econbiz.de/10012461822

Intermediary Asset Pricing

He, Zhiguo - 2008

We present a model to study the dynamics of risk premia during crises in asset markets where the marginal investor is a financial intermediary. Intermediaries face a constraint on raising equity capital. When the constraint binds, so that intermediaries' equity capital is scarce, risk premia...

Persistent link: https://www.econbiz.de/10012464130

Aggregate Lending and Modern Financial Intermediation : Why Bank Balance Sheet Models are Miscalibrated

Buchak, Greg; Matvos, Gregor; Piskorski, Tomasz; Seru, Amit - National Bureau of Economic Research - 2023

Existing macroeconomic models focused on bank balance sheet lending are deficient because they do not account for the modern industrial organization of financial intermediation. Utilizing publicly available micro-level lending data, we investigate two increasingly significant margins of...

Persistent link: https://www.econbiz.de/10014322871

The Secular Decline of Bank Balance Sheet Lending

Buchak, Greg; Matvos, Gregor; Piskorski, Tomasz; Seru, Amit - National Bureau of Economic Research - 2024

, and discusses their implications for the financial system and regulation. We document that the balance sheet share of … how these shifts impact the financial sector's sensitivity to macroprudential regulation. While raising capital … undergone significant transformation, with implications for macroprudential policy and financial regulation …

Persistent link: https://www.econbiz.de/10014486266