Working papers 

Abstract: Depository institutions have been disappearing from the corporate loan market. We make the case that underwriting differences between bank and non-bank loans can account for the multi-decade gains in market shares by non-bank lenders. We model banks as lenders who engage in more costly underwriting than other lenders, a cost borrowers must bear if they wish to reveal the quality of their project. Borrowers with risky projects find it optimal in equilibrium to transact with non-bank lenders and the availability of lower-information lending markets makes more transactions possible in equilibrium. Non-bank lending options complete the market and economic activity. 

Presentations (Only my presentations are listed): SED Barcelona 2024, ECB DG-Research Internal Seminar, BIS Internal Seminar, ECB/Fed NY Annual Conference on Non-Bank Financial Institutions 2025 (discussant Giorgia Piacentino)