间接信贷供给：银行向私人信贷发放贷款如何影响货币政策传导

Federal Reserve Board, Washington, D.C.ISSN 1936-2854 (Print)ISSN 2767-3898 (Online) Indirect Credit Supply: How Bank Lending to Private CreditShapes Monetary Policy Transmission Sharjil Haque, Young Soo Jang, Jessie Jiaxu Wang 2025-059 Please cite this paper as:Haque, Sharjil, Young Soo Jang, and Jessie Jiaxu Wang (2025).“Indirect Credit Supply:How Bank Lending to Private Credit Shapes Monetary Policy Transmission,” Finance andEconomics Discussion Series 2025-059.Washington:Board of Governors of the FederalReserve System, https://doi.org/10.17016/FEDS.2025.059. NOTE: Staff working papers in the Finance and Economics Discussion Series (FEDS) are preliminarymaterials circulated to stimulate discussion and critical comment.The analysis and conclusions set forthare those of the authors and do not indicate concurrence by other members of the research staff or theBoard of Governors. References in publications to the Finance and Economics Discussion Series (other thanacknowledgement) should be cleared with the author(s) to protect the tentative character of these papers. Indirect Credit Supply: How Bank Lending to Private Credit Shapes Monetary Policy Transmission* Sharjil Haque†Young Soo Jang‡Jessie Jiaxu Wang§ This Version: July 2025 Abstract This paper examines how banks’ financing of nonbank lenders affects monetary pol-icy transmission. Using supervisory bank loan-level data and deal-level private creditdata, we document an intermediation chain: Banks lend to Business DevelopmentCompanies (BDCs)—large private credit providers—which then lend to firms.Asmonetary tightening restricts bank lending, firms turn to BDCs for credit, promptingBDCs to borrow more from banks. This intermediation chain raises borrowing costs,as banks charge BDCs higher rates, which BDCs pass on to firms. Consistent with thispass-through, bank-reliant BDCs respond more strongly to monetary tightening, andBDC-dependent firms grow more but exhibit weaker interest coverage ratios. Overall,while bank lending to nonbanks mitigates credit contraction and supports investmentduring tightening, it amplifies monetary transmission by elevating borrowing costsand financial distress risk. Keywords:Banks and nonbanks; Monetary policy transmission; Business develop-ment companies (BDCs); Private credit; Credit chain 1Introduction Bank lending plays a key role in how monetary policy shapes the real economy (Bernankeand Blinder, 1988; Kashyap and Stein, 2000). Typically, banks respond to tighter mone-tary policy by cutting lending and raising borrowing costs, leading to a contraction incredit supply. However, the financial landscape has evolved, with the rise of nonbanklenders—particularly in private credit—introducing new dynamics into this transmis-sion mechanism. Private credit has been one of the fastest-growing segments of the U.S.financial system, with total assets reaching $1.1 trillion by 2023, a tenfold increase since2009.1While prior research has explored nonbanks’ role in monetary transmission, less isknown about how their interactions with banks affect credit availability and borrowingcosts during tightening cycles. This paper fills the gap by studying how banks’ financing of nonbank lenders shapesmonetary policy transmission. We focus on bank lending to Business Development Com-panies (BDCs)—a rapidly growing segment of the private credit market that primarilylends to large and middle-market firms.2BDCs provide an ideal setting to study thedynamics of monetary policy transmission through bank-nonbank interactions: (i) likebanks, they originate credit to firms, but unlike banks, they do not have access to deposits,and instead partially rely on bank credit lines to finance lending, effectively extending theintermediation chain. (ii) BDCs must disclose detailed portfolio information quarterly, al-lowing us to merge BDC investment data with regulatory bank loan data and trace the fullcredit chain. To our knowledge, this is the first paper to study the credit flow from banksto BDCs and ultimately to firms, and its implications for monetary policy transmission. We begin our analysis using the Federal Reserve’s supervisory Y-14 dataset, whichprovides detailed loan-level data on bank loans to both private and publicly listed U.S.firms.3We document several novel facts about banks’ financing of BDCs. First, BDCs’ reliance on bank credit has grown significantly, more than doubling after the 2022 mon-etary tightening cycle compared to pre-2021 levels. Second, nearly 90% of bank lendingto BDCs takes the form of credit lines, which are typically larger and offer greater credi-tor protection than loans to non-BDC borrowers. Finally, the market for bank lending toBDCs appears concentrated. Examining both banks and BDCs as credit sources, we document the evolution of ag-gregate credit volume and borrowing costs for nonfinancial businesses during the 2022monetary tightening cycle.4Two key patterns emerge: First, as bank credit to nonfinan-c