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Non-bank lending during crises

Author

Listed:
  • Aldasoro, Inaki
  • Doerr, Sebastian
  • Zhou, Haonan

Abstract

For a large sample of countries this paper shows that non-banks curtail their syndicated lending by significantly more than banks during financial crises in borrower countries. Differences in the value of lending relationships explain most of the gap. Relationships with non-banks are less valuable in general and thereby do not improve borrowers' access to credit during crises. Non-banks are also less likely to form lasting relationships with borrowers. These findings imply that the rise of non-banks could increase the importance of transaction-based lenders and exacerbate the repercussions of financial shocks.

Suggested Citation

  • Aldasoro, Inaki & Doerr, Sebastian & Zhou, Haonan, 2024. "Non-bank lending during crises," CEPR Discussion Papers 18989, C.E.P.R. Discussion Papers.
    • Handle: RePEc:cpr:ceprdp:18989
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    File URL: https://cepr.org/publications/DP18989
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    Cited by:

    1. is not listed on IDEAS
    2. McCann, Fergal & McGeever, Niall & Peia, Oana, 2023. "Do non-bank lenders mitigate credit supply shocks? Evidence from a major bank exit," Research Technical Papers 9/RT/23, Central Bank of Ireland.
    3. Elliott, David & Meisenzahl, Ralf R. & Peydró, José-Luis, 2024. "Nonbank lenders as global shock absorbers: Evidence from US monetary policy spillovers," Journal of International Economics, Elsevier, vol. 149(C).
    4. Iñaki Aldasoro & Sebastian Doerr, 2025. "Collateralized lending in private credit," BIS Working Papers 1267, Bank for International Settlements.
    5. Lim, Hyunjoon, 2025. "Do firm and lender characteristics matter in monetary policy transmission? Evidence from Korean loan-level data," Economic Analysis and Policy, Elsevier, vol. 87(C), pages 256-268.
    6. Goncharenko, Roman & Lukmanova, Elizaveta, 2026. "When the Spare Tyre Goes Flat: Monetary Policy Transmission through Non-Banks," Research Technical Papers 02/RT/26, Central Bank of Ireland.

    More about this item

    Keywords

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    JEL classification:

    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems
    • G01 - Financial Economics - - General - - - Financial Crises
    • 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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