国际清算银行-非银行贷款与货币政策传导（英）

BIS Working PapersNo 1211 Non-bank lending and the transmission of monetary policy by Dominic Cucic and Denis Gorea Monetary and Economic Department September 2024 JEL classification: E51, E52, G23 Keywords: Monetary policy, nonbanks, shadow banks, banks, real effects BIS Working Papers are written by members of the Monetary and Economic Department of the Bank for International Settlements, and from time to time by other economists, and are published by the Bank. The papers are on subjects of topical interest and are technical in character. The views expressed in them are those of their authors and not necessarily the views of the BIS. This publication is available on the BIS website (www.bis.org). © Bank for International Settlements 2024. All rights reserved. Brief excerpts may be reproduced or translated provided the source is stated. ISSN 1020-0959 (print) ISSN 1682-7678 (online) Nonbank Lending and the Transmission ofMonetary Policy †Dominic CucicDanmarks NationalbankDenis GoreaBank for International SettlementsAbstractWe analyze the role of nonbank lenders in the transmission of monetary policyusing data on the universe of unsecured credit to firms and households in Den-mark. Nonbanks increase their credit supply after a monetary contraction, bothrelative to banks and in absolute terms. The nonbank credit expansion is drivenby long-term debt funding flowing to nonbanks. The attenuation of the traditionalbank lending channel of monetary policy has real effects: nonbank credit insulatescorporate investment and household consumption from adverse consequences ofmonetary contractions.Keywords: Monetary Policy; Nonbanks; Shadow Banks; Banks; Real Effects.JEL Classification: E51, E52, G23.†Dominic Cucic: dc@nationalbanken.dk. Denis Gorea: denis.gorea@bis.org.We thank Gregor Matvos and two anonymous referees for very useful feedback that has greatly im-proved the paper. We also thank Ryan Banerjee, Vasso Ioannidou, Angela Maddaloni, Dominik Supera,and Nishant Vats for their insightful discussions, and Sebastian Doerr, David Marqués-Ibáñez, StevenOngena, Evi Pappa, Tobias Renkin, Hyun Song Shin, Javier Suarez, Egon Zakrajšek and participantsat conferences and seminars for valuable comments. We are grateful to Andreas Kuchler and GabrielZülig for kindly helping us with the data. Views expressed herein are our own and do not necessarilyreflect those of our employers.1IntroductionA vast literature on the bank lending channel documents that traditional banks re-duce their lending in response to a monetary tightening (Kashyap and Stein, 1994, andBernanke and Gertler, 1995). While the reduction in bank credit supply has receivedconsiderable attention in the literature, evidence on the reaction of the increasinglyimportant nonbank financial intermediaries to changes in monetary policy is ratherscarce. Some have argued that monetary policy changes the funding cost of all fi-nancial intermediaries who borrow short-term, and theref