Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/301967 
Year of Publication: 
2024
Series/Report no.: 
Danmarks Nationalbank Working Papers No. 205
Publisher: 
Danmarks Nationalbank, Copenhagen
Abstract: 
We analyze the role of nonbank lenders in the transmission of monetary policy using data on the universe of unsecured credit to firms and households in Denmark. Nonbanks increase their credit supply after a monetary contraction, both relative to banks and in absolute terms. The nonbank credit expansion is driven by long-term debt funding flowing to nonbanks. The attenuation of the traditional bank lending channel of monetary policy has real effects: nonbank credit insulates corporate investment and household consumption from adverse consequences of monetary contractions.
Subjects: 
Monetary Policy
Nonbanks
Shadow Banks
Banks
Real Effects
JEL: 
E51
E52
G23
Document Type: 
Working Paper

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