1、IMF Working Papers describe research in progress by the author(s)and are published to elicit comments and to encourage debate.The views expressed in IMF Working Papers are those of the author(s)and do not necessarily represent the views of the IMF,its Executive Board,or IMF management.2025 MAY From

2、Banks to Nonbanks:Macroprudential and Monetary Policy Effects on Corporate Lending Bruno Albuquerque,Eugenio Cerutti,Nanyu Chen,and Melih Firat WP/25/96*The views in this paper represent only our own and should therefore not be reported as representing the views of the InternationalMonetary Fund,its

3、 Executive Board,or IMF management.We would like to thank Dominic Cucic,Adriano Fernandes,AnglicaLizarazo,Carolina Lpez-Quiles,James Walsh,Sharjil Haque,S.Pelin Berkmen,Romain Bouis,and participants at the IMFMacrofinancial Seminar for their suggestions and comments.International Monetary Fund,and U

4、niv Coimbra,CeBER,Faculty of Economics.Email:BAlbuquerqueimf.org.International Monetary Fund.Email:ECeruttiimf.org.Columbia Business School.Email:NChen25gsb.columbia.edu.International Monetary Fund:Email:MFiratimf.org.2025 International Monetary Fund WP/25/96IMF Working Paper From Banks to Nonbanks:

5、Macroprudential and Monetary Policy Effects on Corporate Lending*Prepared by Bruno Albuquerque,Eugenio Cerutti,Nanyu Chen,and Melih Firat Authorized for distribution by Kenneth Kang May 2025 IMF Working Papers describe research in progress by the author(s)and are published to elicit comments and to

6、encourage debate.The views expressed in IMF Working Papers are those of the author(s)and do not necessarily represent the views of the IMF,its Executive Board,or IMF management.ABSTRACT:The growing role of nonbanks in corporate credit intermediation raises important but underexplored questions about