Who Lends to Households and Firms?

Nina Boyarchenko and Leonardo Elias
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Leonardo Elias: https://www.newyorkfed.org/research/economists/Elias

No 20250714, Liberty Street Economics from Federal Reserve Bank of New York

Abstract: The financial sector in the U.S. economy is deeply interconnected. In our previous post, we showed that incorporating information about this network of financial claims leads to a substantial reassessment of which financial sectors are ultimately financing the lending to the real sector as a whole (households plus nonfinancial firms). In this post, we delve deeper into the differences between the composition of lending to households and nonfinancial firms in terms of direct lending as well as the patterns of “adjusted lending” that we compute by accounting for the network of claims financial subsectors have on each other.

Keywords: real sector lending; financial networks; nonbank financial institutions (NBFIs); intermediated credit (search for similar items in EconPapers)
JEL-codes: G21 G32 (search for similar items in EconPapers)
Date: 2025-07-14
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