The amount of credit assets held by non-bank institutions has increased substantially in recent decades, to the point where it exceeded the amount held by depository institutions in the United States before the Global Financial Crisis. Our research aims to gain evidence on whether the credit channel of monetary policy, i.e. the transmission of monetary interventions through bank lending, has been altered by the enlargement of the non-bank sector. The analysis is based on the period before the Global Financial Crisis in order to apply a theory-consistent identification of conventional monetary interventions within a large Bayesian vector auto-regression. The results indicate an uncertain transmission when the non-bank sector is larger, casting doubt on the grip of monetary interventions in an evolving scenario.

中文翻译：

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通过信贷渠道进行的传统货币干预和非银行机构的崛起

近几十年来，非银行机构持有的信贷资产数量大幅增加，已超过全球金融危机前美国存款机构持有的数量。我们的研究旨在获取证据，证明货币政策的信贷渠道（即通过银行贷款传导货币干预）是否因非银行部门的扩张而改变。该分析基于全球金融危机之前的时期，以便在大型贝叶斯向量自回归中应用传统货币干预的理论一致识别。结果表明，当非银行部门规模较大时，传导的不确定性，使人们对货币干预在不断变化的情况下的控制力产生怀疑。