We review the literature on the empirical characteristics of the global financial cycle and
associated stylized facts on international capital flows, asset prices, risk aversion, and …

We show that US banks do not engage in zombie lending to firms of deteriorating
profitability, irrespective of capital levels and exposure to such firms. In contrast, unregulated …

Non-bank lenders are an important source of syndicated credit to non-financial corporates in
most regions and industries. Their loan origination, however, is more concentrated by …

This paper studies the rise of direct lending using a comprehensive dataset of investments
by business development companies (BDC). We exploit three exogenous shocks to credit …

Using data on syndicated loans for a large sample of countries, this paper shows that non-
banks curtail their credit by significantly more than banks during borrower-country crises. We …

We analyze the effects of exogenous US monetary policy shocks on trade credit towards
emerging markets, using a proprietary database on trade credit amounts. We show that a US …

This paper provides first cross-country evidence on non-bank lending during crises. We
show that non-banks contract their syndicated lending by over 50% more than banks during …

Classifying all borrowers in about two thirds of the $9 trillion global money market fund
(MMF) market, we document that MMFs extend funding primarily to banks and governments …

We provide evidence that bank loan supply reactions to monetary policy changes are market-
specific, emphasizing the importance of banks' local specialization. We analyze the US …

We study the impact of a liquidity shock affecting investment funds on the financing
conditions of firms. The abrupt liquidity needs of investment funds, triggered by the outbreak …