bank leverage and a larger shadow banking sector. At the same time, tighter regulation eliminates the subsidies to …

In recent years, assets of non-bank financial intermediaries (NBFIs) have grown significantly relative to those of …. We argue instead that NBFI and bank businesses and risks are so interwoven that they are better described as having … contingent liquidity risk from the provision of credit lines to NBFIs; and (iii) Empirical work confirms bank-NBFI linkages …

probability of obtaining a bank loan from 40 to 58 percent. Our results demonstrate that even in the U.S., with its well …

COVID-19 pandemic shock. We argue that tighter bank regulation has created incentives for nonbanks to increase their …

For over a century, economists and policy makers have debated the relative merits of bank-based versus market …-based financial systems. Recent research, however, argues that classifying countries as bank-based or market is not a very fruitful … robustly linked with economic growth, there is no support for either the bank-based or market-based view …