WORKING PAPERS
Albuquerque, B., Cerutti, E., Firat, M. and Kagerer, B. (2026), IMF Working Paper WP/26/23, Washington, D.C, International Monetary Fund.
> Latest version: Jul 2026
> Summary: VoxEU | SUERF Policy Brief
We study how banking groups adjust credit supply when loan-supply macroprudential policies tighten. Using global syndicated corporate loan data and a new parent-subsidiary ownership dataset, we show that banking groups reallocate lending from bank subsidiaries toward affiliated nonbank financial institutions (NBFIs). NBFI subsidiaries expand lending relative to bank subsidiaries within the same group and in absolute terms, offsetting more than half of the contraction in bank lending. This intra-group reallocation channel is reversed for capital-based measures that affect the group’s capital position. Our findings show how the regulatory perimeter shapes credit allocation within banking groups and deepens bank–nonbank interconnectedness.
WORK IN PROGRESS
Bonding through crises with NBFIs, with Melih Firat. Coming soon.
We study how banking crises reshape nonbank financial institutions’ (NBFIs) role in corporate debt markets using primary-market syndicated loans and corporate bonds over 1990–2025. We find that NBFI cyclicality is function-specific: NBFIs contract syndicated loans relative to banks but expand corporate bond underwriting, especially through bank-affiliated NBFIs. Firms with stronger pre-crisis NBFI underwriting relationships are more likely to switch from loans to bonds, raise more bond financing, experience smaller declines in total borrowing, and exhibit stronger crisis outcomes. This reconciles competing views of nonbank cyclicality: NBFIs may amplify stress as loan-market risk bearers while preserving market access as bond underwriters.