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Short-Term Credit: Bridging the Next Few Years

In: Financial Markets and Economic Performance

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  • John E. Silvia

Abstract

Barings Bank and the Louisiana Purchase illustrate the role of intermediary finance and liquidity in economic activity that characterizes the financing of economic growth. From the demand side for short-term credit, the link between the real sector and credit markets provides a cyclical character to both. On the supply side, the non-banking (shadow) sector has been a reality of short-term financing for over thirty years. Cyclical and structural change illustrate the evolution of consumer lending on both the demand and supply side. Evidence from the Senior Loan Officer Opinion Survey provides perspective. The impact of credit booms and busts is reflected in patterns of non-current loans, as well as charge-off rates. Asymmetric information and securitization influence the share of bank loans in credit market financing. The lower cost of long-term finance has encouraged firms to term out their financing while alternative nonbank financing options have grown.

Suggested Citation

  • John E. Silvia, 2021. "Short-Term Credit: Bridging the Next Few Years," Springer Books, in: Financial Markets and Economic Performance, chapter 0, pages 183-214, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-76295-7_5
    DOI: 10.1007/978-3-030-76295-7_5
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