We investigate the U.S. experience with macroprudential policies by studying the interagency guidance on leveraged lending. We find that the guidance primarily impacted large, closely supervised banks, but only after supervisors issued important clarifications. It also triggered a migration of...

Using quarterly financial statements data of listed firms during 2008-2016, this paper identifies the “borrow to lend” shadow banking activities of non-financial firms in China by examining the connection of key financial variables and investigates how liquidity shocks affect such...