The heft of non-bank financial intermediaries (NBFIs) has grown significantly after the Great
Financial Crisis. This paper reviews structural shifts in intermediation and how NBFIs have …

We evaluate the influence of the pandemic on global bank lending and identify bank and
country characteristics that amplify or weaken the effect of the disease outbreak on bank …

The COVID-19 pandemic severely disrupted financial markets and the real economy
worldwide. These extraordinary events prompted large monetary and fiscal policy …

We examine the microstructure of liquidity provision in the COVID-19 corporate bond
liquidity crisis. During the two weeks leading up to Federal Reserve System interventions …

Nonbank lenders have been playing an increasing role in supplying debt, especially after
the Great Recession. How important are the distortions in the greater regulation of banks …

Why did banks experience massive deposit inflows during the pandemic? We discover that
deposit interest rates at bank branches in counties with higher COVID-19 infection rates fell …

The COVID-19 pandemic and the mitigation efforts put in place to contain it delivered the
most severe blow to the US economy since the Great Depression. In this paper, we argue …

This paper examines the pricing of global syndicated loans during the COVID-19 pandemic.
We find that loan spreads rise by over 11 basis points in response to a one standard …

Stablecoins are at the center of debate surrounding decentralized finance. We develop a
dynamic model to analyze the instability mechanism of stablecoins, the complex incentives …

What makes investors run? We show that during the March 2020 run on prime money
market funds, institutional and retail investors behaved in dramatically different ways …