We show that nonbanks (funds, shadow banks, fintech) affect the transmission of monetary policy to output, prices and …, borrowerlender relationships and Gertler-Karadi monetary policy shocks. Higher policy rates shift credit supply from banks to …

assets and lending allocations fall to 22 percent. Banks with low risk tolerance or less access to liquidity are particularly …This paper empirically investigates banks' investment allocations over the recent business cycle. I identify … the pre-recession period, banks lend 38 percent of incremental deposits; however, during the downturn, banks favor liquid …

rates and house prices. Some Chinese banks, especially the Bank of China, have been exposed to the US mortgage … supported by fast economic growth, rapid urbanization and high domestic savings. In addition, Chinese banks are less exposed to … housing market crisis may have some negative impacts on Chinese commercial banks and the overall economy but are unlikely to …

We show that firms' credit market experience determines their perception of aggregate bank lending policy using panel … negative effect. Firms that do not need a loan tend to perceive lending policy as neutral and revise their perceptions less …