data, crisis and monetary policy shocks, and variation in loan terms to the same borrower on the same day by domestic … are stronger in the sovereign-debt crisis, especially for riskier banks. Nonstandard monetary policy improves interbank …

We show that nonbank lenders act as global shock absorbers from US monetary policy spillovers. We exploit loan …-level data from the global syndicated lending market and US monetary policy surprises. When US policy tightens, nonbanks increase …. Consistent with a funding-based mechanism, when US monetary policy tightens, non-US nonbanks increase short-term dollar debt …