When credit markets seize up in crisis periods, most people still blame the banks. But new research suggests the bigger pullback may come from nonbanks like those in the syndicated loan market. These have grown fast but remain fragile, cutting lending harder in times of stress – with negative consequences on employment. That shift could reshape how we think about crises, jobs and financial resilience. HEC Assistant Professor in Finance Quirin Fleckenstein explores these issues as part of his research into macro-finance, financial intermediation, and corporate finance.
Original research paper: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3629232 (open source), and the published article in the prestigious Review of Financial Studies (https://academic.oup.com/rfs/article/39/4/925/8114830)
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