The rise of shadow banking: evidence from capital regulation
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- dc.contributor.author Irani, Rustom M.
- dc.contributor.author Iyer, Rajkamal
- dc.contributor.author Meisenzahl, Ralf R.
- dc.contributor.author Peydró, José-Luis
- dc.contributor.other Universitat Pompeu Fabra. Departament d'Economia i Empresa
- dc.date.accessioned 2024-11-14T10:10:10Z
- dc.date.available 2024-11-14T10:10:10Z
- dc.date.issued 2018-04-30
- dc.date.modified 2024-11-14T10:06:20Z
- dc.description.abstract We investigate the connections between bank capital regulation and the prevalence of lightly regulated nonbanks (shadow banks) in the U.S. corporate loan market. For identification, we exploit a supervisory credit register of syndicated loans, loan-time fixed-effects, and shocks to capital requirements arising from surprise features of the U.S. implementation of Basel III. We find that less-capitalized banks reduce loan retention, particularly among loans with higher capital requirements and at times when capital is scarce, and nonbanks step in. This reallocation is associated with important adverse effects during the 2008 crisis: loans funded by nonbanks with fragile liabilities are less likely to be rolled over and experience greater price volatility.
- dc.format.mimetype application/pdf*
- dc.identifier https://econ-papers.upf.edu/ca/paper.php?id=1652
- dc.identifier.citation Review of Financial Studies 34(5), May 2021, 2181-2235. DOI: https://doi.org/10.1093/rfs/hhaa106
- dc.identifier.uri http://hdl.handle.net/10230/44780
- dc.language.iso eng
- dc.relation.ispartofseries Economics and Business Working Papers Series; 1652
- dc.rights L'accés als continguts d'aquest document queda condicionat a l'acceptació de les condicions d'ús establertes per la següent llicència Creative Commons
- dc.rights.accessRights info:eu-repo/semantics/openAccess
- dc.rights.uri http://creativecommons.org/licenses/by-nc-nd/3.0/es/
- dc.subject.keyword shadow banks; risk-based capital regulation; basel iii; interactions between banks and nonbanks; trading by banks; distressed debt
- dc.subject.keyword Finance and Accounting
- dc.subject.keyword Macroeconomics and International Economics
- dc.title The rise of shadow banking: evidence from capital regulation
- dc.title.alternative
- dc.type info:eu-repo/semantics/workingPaper