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Nonbank lenders as global shock absorbers: evidence from US monetary policy spillovers

Author

Listed:
  • Elliott, David

    (Bank of England)

  • Meisenzah, Ralf R

    (Federal Reserve Bank of Chicago)

  • Peydró, José-Luis

    (Imperial College London, ICREA-Universitat Pompeu Fabra-CREI-Barcelona GSE, and CEPR)

Abstract
We show that nonbank lenders act as global shock absorbers from US monetary policy spillovers. For identification, we exploit loan‑level data from the global syndicated lending market and US monetary policy surprises. We find that when US monetary policy tightens, nonbanks increase dollar credit supply to non‑US corporate borrowers, relative to banks. This partially mitigates the total reduction in dollar lending. The substitution is stronger for emerging market borrowers, riskier borrowers, and borrowers in countries subject to stronger capital inflow restrictions. Results suggest that our findings are not driven by borrower‑lender matching, zombie lending, or destabilising lending. Moreover, the credit substitution has real effects, as firms with existing relationships with nonbank lenders increase total debt, investment, and employment relative to firms without such relationships. Our findings suggest that having more diversified funding providers (nonbanks in addition to banks) reduces the volatility in capital flows and economic activity associated with the global financial cycle.

Suggested Citation

  • Elliott, David & Meisenzah, Ralf R & Peydró, José-Luis, 2023. "Nonbank lenders as global shock absorbers: evidence from US monetary policy spillovers," Bank of England working papers 1012, Bank of England.
    • Handle: RePEc:boe:boeewp:1012
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    More about this item

    Keywords

    Nonbank lending; international monetary policy spillovers; global financial cycle; banks; US dollar funding for non-US firms;
    All these keywords.

    JEL classification:

    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems
    • F42 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Policy Coordination and Transmission
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors

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