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2 posts on "intermediated credit"
May 12, 2025

Who Finances Real Sector Lenders?

Nina Boyarchenko, Hyuntae Choi, and Leonardo Elias

Decorative Image: Internet Banking Technology concept

The modern financial system is complex, with funding flowing not just from the financial sector to the real sector but within the financial sector through an intricate network of financial claims. While much of our work focuses on understanding the end result of these flows—credit provided to the real sector—we explore in this post how accounting for interlinkages across the financial sector changes our perception of who finances credit to the real sector.

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Posted at 7:00 am in Banks, Credit, Nonbank (NBFI) | Permalink
May 21, 2024

The Changing Landscape of Corporate Credit

Nina Boyarchenko and Leonardo Elias

Photo: upward looking at tall glass skyscrapers that are corporate offices against a blue sky.

Firms’ access to credit is a crucial determinant of their investment, employment, and overall growth decisions. While we usually think of their ability to borrow as determined by aggregate credit conditions, in reality firms have a number of markets where they can borrow, and conditions can vary across those markets. In this post, we investigate how the composition of debt instruments on U.S. firms’ balance sheets has evolved over the last twenty years. 

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Posted at 7:00 am in Banks, Corporate Finance, Credit, Financial Intermediation | Permalink

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