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Nonbanks and Banks: Alone or Together?

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Abstract

Nonbank financial institutions (NBFIs) constitute a variety of entities—fintech companies, mutual funds, hedge funds, insurance companies, private debt providers, special purpose vehicles, among others—that have become important providers of financial intermediation services worldwide. But what is the essence of nonbank financial intermediation? Does it have any inherent advantages, and how does it interact with that performed by banks? In this Liberty Street Economics post, which is based on our recent staff report, we provide a model-based survey of recent literature on nonbank intermediation, with an emphasis on how it competes, or cooperates, with traditional banks.

Suggested Citation

  • Nicola Cetorelli & Gonzalo Cisternas & Asani Sarkar, 2025. "Nonbanks and Banks: Alone or Together?," Liberty Street Economics 20250521, Federal Reserve Bank of New York.
    • Handle: RePEc:fip:fednls:99997
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    More about this item

    Keywords

    Non-banks; nonbank financial institutions (NBFIs); banks; securitization; private credit;
    All these keywords.

    JEL classification:

    • 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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