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Monetary Interventions and the Rise of Non-Bank Lenders

Author

Listed:
  • Gianluca Cafiso
  • Giulia Rivolta

Abstract

The amount of assets managed by non-bank lenders has increased significantly over the last decades. Our research aims to clarify whether such an increase has had any impact on the effectiveness of monetary policy. To this end, we consider several credit aggregates granted from bank and non-bank institutions for different scopes and developments in the US economy. Our analysis is based on the estimation of a large Bayesian VAR. The results suggest that the rise of non-bank lenders has reduced and altered the monetary policy transmission mechanism.

Suggested Citation

  • Gianluca Cafiso & Giulia Rivolta, 2022. "Monetary Interventions and the Rise of Non-Bank Lenders," CESifo Working Paper Series 9949, CESifo.
    • Handle: RePEc:ces:ceswps:_9949
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    File URL: https://www.cesifo.org/DocDL/cesifo1_wp9949.pdf
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    More about this item

    Keywords

    bank loans; non-bank loans; monetary interventions; Bayesian VAR;
    All these keywords.

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • C11 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Bayesian Analysis: General

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