美联储-间接信贷供给：银行向私人信贷发放贷款如何影响货币政策传导（英）

Finance and Economics Discussion SeriesFederal Reserve Board, Washington, D.C.ISSN 1936-2854 (Print)ISSN 2767-3898 (Online)Indirect Credit Supply: How Bank Lending to Private CreditShapes Monetary Policy TransmissionSharjil Haque, Young Soo Jang, Jessie Jiaxu Wang2025-059Please cite this paper as:Haque, Sharjil, Young Soo Jang, and Jessie Jiaxu Wang (2025). “Indirect Credit Supply:How Bank Lending to Private Credit Shapes Monetary Policy Transmission,” Finance andEconomics Discussion Series 2025-059.Washington: Board of Governors of the FederalReserve System, https://doi.org/10.17016/FEDS.2025.059.NOTE: Staff working papers in the Finance and Economics Discussion Series (FEDS) are preliminarymaterials circulated to stimulate discussion and critical comment. The analysis and conclusions set forthare those of the authors and do not indicate concurrence by other members of the research staff or theBoard of Governors. References in publications to the Finance and Economics Discussion Series (other thanacknowledgement) should be cleared with the author(s) to protect the tentative character of these papers.Indirect Credit Supply: How Bank Lending to Private CreditShapes Monetary Policy Transmission*Sharjil Haque†Young Soo Jang ‡Jessie Jiaxu Wang §This Version: July 2025AbstractThis paper examines how banks’ financing of nonbank lenders affects monetary pol-icy transmission. Using supervisory bank loan-level data and deal-level private creditdata, we document an intermediation chain: Banks lend to Business DevelopmentCompanies (BDCs)—large private credit providers—which then lend to firms. Asmonetary tightening restricts bank lending, firms turn to BDCs for credit, promptingBDCs to borrow more from banks. This intermediation chain raises borrowing costs,as banks charge BDCs higher rates, which BDCs pass on to firms. Consistent with thispass-through, bank-reliant BDCs respond more strongly to monetary tightening, andBDC-dependent firms grow more but exhibit weaker interest coverage ratios. Overall,while bank lending to nonbanks mitigates credit contraction and supports investmentduring tightening, it amplifies monetary transmission by elevating borrowing costsand financial distress risk.Keywords: Banks and nonbanks; Monetary policy transmission; Business develop-ment companies (BDCs); Private credit; Credit chain*We thank Abhishek Bhardwaj, Matthew Denes, Burton Hollifield, Erica Jiang (discussant), Yueran Ma,Simon Mayer, Phillip Monin, Raghuram Rajan, Irina Stefanescu, seminar participants at the Federal Re-serve Board, Virginia Tech, and conference participants at the NBER Summer Institute Corporate Financemeeting, CMU-Pitt-PSU Finance conference for feedback. We also thank Chookaszian Accounting ResearchCenter at Chicago Booth for access to the BDC data, and Joe Yuke, Karl Wirth, and Jewon Shin for researchassistance. The views expressed in this paper are those of the authors and do not necessarily represent theviews of the Federal Reserve Board or the