Elliott, David; Meisenzahl, Ralf R.; Peydró, José-Luis - 2023
We show that nonbank lenders act as global shock absorbers from US monetary policy spillovers. We exploit loan …-level data from the global syndicated lending market and US monetary policy surprises. When US policy tightens, nonbanks increase … dollar credit supply to non-US firms (relative to banks), mitigating the dollar credit reduction. This increase is stronger …