This paper examines global credit intermediation through the lens of financial markets and financial intermediaries in the post-crisis period during which highly accommodative monetary policies contributed to investors’ search for yield. It reviews the extent to which non-bank intermediation...

High-yield corporate and leveraged loans have grown substantially over the past decade. However, the COVID-19 pandemic means downside risks are rising alongside expectations of severe negative impacts on corporate earnings and economic growth. The proportion of leveraged corporate debt exposed...