2014
DOI: 10.2139/ssrn.2682877
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Intra-Financial Lending, Credit, and Capital Formation

Abstract: This paper examines the e↵ects of intra-financial lending -claims between financial institutions -on aggregate investment and credit to the non-financial sector in the United States. Building on Montecino, Epstein, and Levina (2014) we document a large growth in intra-financial assets beginning in the early 1980s. Using a vector autoregression model, we find that intra-financial lending is negatively related to gross capital formation and present evidence that this operates through a credit channel. However, w… Show more

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