Unconventional monetary policy is often assumed to benefit banks. However, we find little supporting evidence. Rather …

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 …

match shifting U.S. monetary policy. This raises the important question of how changes in U.S. monetary policy affect banks … in the GCC. We use bank-level panel data, exploiting variation across banks within countries, to isolate the impact of … changing U.S. interest rates on GCC banks funding costs, asset rates, and profitability. We find stronger pass-through from U …

dollar credit supply to non-US firms (relative to banks), mitigating the dollar credit reduction. This increase is stronger … funding, relative to banks. In sum, despite increased risk-taking by less regulated and more fragile nonbanks (relative to … banks), access to nonbank credit reduces the volatility in capital flows-and associated economic activity-stemming from US …

view that monetary policy easing induces greater risk-taking by banks but also shows that the relationship between real … interest rates and banking risk is more complex. Ultimately, it depends on how much skin in the game banks have. The central …

on the internal ratings of U.S. banks on loans to businesses over the period 1997 to 2011 from the Federal Reserve …’s survey of terms of business lending. We find that ex-ante risk taking by banks (as measured by the risk rating of the bank’s … pronounced for banks with relatively low capital or during periods when banks’ capital erodes, such as episodes of financial and …