A lack of comprehensive reviews on whether banks price borrowers' ESG risks hinders
ongoing debate on how banks could play an important role in supporting sustainability …

This article reviews research and policy work on nonbank financial intermediation (NBFI),
taking a financial stability perspective. It first documents the growth in NBFI, reviews its …

We document that finance companies and FinTech lenders increased lending to small
businesses after the 2008 financial crisis. We show that most of the increase substituted for a …

Using a panel of 78 countries for 2013–2019, I show that fintech credit platforms can act as
both complements and substitutes for traditional bank credit and that banking sector …

Banks have come a long way since medieval times, enduring and surviving many crises.
The economic crisis induced by the Covid-19 pandemic may provoke another financial …

We estimate the effect of carbon pricing policy on bank credit to greenhouse-gas-emitting
firms. Our analyses exploit the geographic restrictions inherent in California's cap-and-trade …

We empirically document two adjustment margins that are usually absent from the
predominant “bank balance sheet lending” view of financial intermediation. For the shadow …

Using supervisory data on the loan portfolios of large US banks, we document that these
banks specialize by concentrating their lending disproportionately in a few industries. This …

Analyzing hand-collected credit agreements for a sample of middle-market firms over 2010–
2015, we find that one-third of all loans are directly extended by nonbank financial …

We directly measure banks' monitoring of syndicated loans. Banks typically demand
borrower information on at least a monthly basis. About 20% of loans involve active …