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Banking Economy Featured Finance News

From banks to nonbanks: Macroprudential and monetary policy effects on corporate lending

The growing footprint of nonbank financial institutions in corporate credit markets raises important – but often overlooked – questions about how monetary and macroprudential policies shape credit allocation to the real economy. Using global syndicated loan data, this column shows that nonbanks act as shock absorbers, shielding nonfinancial firms from tightening in both monetary and […]

Finance Featured trade World

Disentangling trade policy uncertainty and equity market performance

Despite headlines dominated by threats and implementations of US and retaliatory tariffs since President Trump’s inauguration, it was not until his “Liberation Day” announcement on 2 April that equity prices fell significantly. This column asks why equity prices reacted so slowly to the elevated trade policy uncertainty that followed immediately after Trump’s election. Historical evidence […]