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Non-bank financial institutions and the slope of the yield curve

Sebastian Infante, Phillip J. Monin, Lubomir Petrasek and Mary Tian
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No 2022-10-11, FEDS Notes from Board of Governors of the Federal Reserve System (U.S.)

Abstract: In this note, we examine how changes in the yield curve slope affect the provision of credit and intermediation services by non-bank financial institutions (NBFIs), including broker-dealers and hedge funds. Although these NBFIs typically do not lend directly to the non-financial sector, they indirectly support the flow of credit by investing in debt securities and extending financing to investors who own such securities.

Date: 2022-10-11
New Economics Papers: this item is included in nep-ban, nep-mfd and nep-mon
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DOI: 10.17016/2380-7172.3185

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