The macroeconomic relevance of bank and nonbank credit: An exploration of U.S. data |
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| Institution: | 1. U.S. Department of Treasury, 1500 Pennsylvania Avenue NW, Washington, DC, 20220, USA;1. Athens University of Economics and Business, Department of Economics, Patission 76, Athens, 104 34, Greece;2. Lancaster University Management School, LA1 4YX, UK;1. University of Rome “Tor Vergata”, Department of Economics and Finance, via Columbia 2, 00133 Rome, Italy;2. John Cabot University, Economics and Social Sciences Department, via della Lungara 233, 00165 Rome, Italy |
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| Abstract: | This paper exploits the Financial Accounts of the United States to derive long time series of bank and nonbank credit to different sectors, and to examine the cyclical behavior of these series in relation to (i) the long-term business cycle, (ii) recessions and recoveries, and (iii) systemic financial crises. We find that bank and nonbank credit exhibit different dynamics throughout the business cycle. We also examine the role of bank and nonbank credit in the creation of financial interconnections and illustrate a method to conduct macro-financial stability assessments. |
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| Keywords: | Macro-financial linkages Financial intermediation Liquidity transformation Nonbank financial institutions |
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