纽约联储-转型中介：非银行金融机构的信用风险，银行的流动性风险（英）-2026.1.pdfVIP

Transformed

NO.1176Intermediation:

JANUARY2026CreditRisktoNBFIs,

LiquidityRisktoBanks

ViralV.Acharya|NicolaCetorelli|BruceTuckman

TransformedIntermediation:CreditRisktoNBFIs,LiquidityRisktoBanks

ViralV.Acharya,NicolaCetorelli,andBruceTuckman

FederalReserveBankofNewYorkStaffReports,no.1176

January2026

/10.59576/sr.1176

Abstract

Wearguethattherapidassetgrowthofnonbankfinancialintermediaries(NBFIs)relativetobanksisthe

outcomeoftransformationsofrisksbetweenbanksandNBFIsthatincreasetheinterconnectednessofthe

twosectors.Thesetransformationsareconsistentwithavoidingtighter,post-GFCbankregulationwhile

harnessingthefundingandliquidityadvantagesofbankdepositfranchisesandaccesstosafetynets.

Specifically,weshowthatbanksfundNBFIsthroughseniorloansandcreditlines,whichNBFIsusefor

acquiringjuniorcreditclaims,warehousefinancing,andliquiditymanagement.Weempirically

demonstratethatshocksexperiencedbyNBFIsspillovertothebanksthatprovidethemwithcreditlines,

particularlyintimesofstress.Wethensuggestpolicyapproachesconsistentwithourtransformationview

andconcludewithsuggestionsforfutureresearch.

JELclassification:G01,G21,G23,G28

Keywords:non-bankfinancialintermediaries,nonbanks,shadowbanking,bankregulation,regulatory

arbitrage,systemicrisk,creditlines,derivativesmargin

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Cetorelli:FederalReserveBankofNewYork(email:nicola.cetorelli@).Acharya:NewYork

UniversitySternSchoolofBusiness,CEPR,ECGI,andNEBR(email:vva1@).Tuckman:

NewYorkUniversitySternSchoolofBusiness(email:bt577@).Theauthorsaregratefulto

participantsattheAFAMeetings(2025),JulianeBegenau(discussant),andArvindKris