2024-09-23-国际清算银行-非银行贷款与货币政策传导（英）_101页_963kb

Banks and non-banks influence monetary policy transmission differently. Non-banks expand their lending share after monetary tightening, increasing by about 4% in corporate lending and 6% in consumer lending, primarily through intensive margin effects. This is driven by their reliance on long-term debt funding, which flows in during contractions while banks' long-term funding decreases. Non-banks diversifying funding models and targeting safer borrowers explain these results.

Non-bank lending substitutes for bank credit, cushioning corporate investment, household consumption, and reducing delinquency. Nonbanks increase their market share by about 4% after a surprise tightening, which nearly eliminates the transmission to corporate investment but only marginally affects household consumption. The variation across borrower groups, such as those secured by ties to money market funds, explains some transmission nuances.

Robustness checks confirm consistent findings, while alternative specifications excluding specialized finance firms or smaller nonbanks still show nonbanks behavioring similarly post-tightening. The study underscores nonbank lending channel significance in Denmark, but policy relevance requires contextual awareness and regulatory considerations.