{ "title": "Bonding Through Crises with NBFIs", "publication": "IMF Working Papers, September 18, 2026", "sourceUrl": "https://www.imf.org/en/publications/wp/issues/2026/09/18/bonding-through-crises-with-nbfis-579517", "canonical": "https://www.imf.org/en/publications/wp/issues/2026/09/18/bonding-through-crises-with-nbfis-579517", "overlayPath": "/en/publications/wp/issues/2026/09/18/bonding-through-crises-with-nbfis-579517/index.md", "summary": "We study how banking crises reshape nonbank financial institutions’ (NBFIs) role in corporate debt markets using primary-market syndicated loans and corporate bonds over 1990–2025.", "authors": [ "Bruno Albuquerque", "Melih Firat" ], "publishDate": "2026-09-18", "series": "IMF Working Papers", "sections": [ { "heading": "Summary findings", "content": "- Study period: 1990–2025.\n- NBFI cyclicality is function-specific:\n - NBFIs contract syndicated loans relative to banks.\n - NBFIs expand corporate bond underwriting, especially through bank-affiliated NBFIs.\n- Firms with stronger pre-crisis NBFI underwriting relationships:\n - Are more likely to switch from loans to bonds.\n - Raise more bond financing.\n - Experience smaller declines in total borrowing.\n - Exhibit stronger crisis outcomes.\n- Core interpretation: NBFIs may amplify stress as loan-market risk bearers while preserving market access as bond underwriters, reconciling competing views of nonbank cyclicality." }, { "heading": "Evidence and scope", "content": "- Data sources and market segments analyzed: primary-market syndicated loans and corporate bonds.\n- Time coverage: 1990–2025.\n- Empirical focus: role of NBFIs in corporate debt markets during banking crises, with attention to bank-affiliated NBFIs versus other NBFIs." }, { "heading": "Policy-relevant implications", "content": "- Monitoring and regulatory attention should distinguish NBFI functions (loan risk-bearing vs bond underwriting) rather than treat NBFIs as homogeneous.\n- Bank-affiliated NBFIs play a notable role in expanding bond underwriting during crises; implications for contagion channels and market access policies should reflect this affiliation-specific behavior.\n- Firms’ pre-crisis relationships with NBFI underwriters affect resilience of corporate financing during banking crises; policies that influence relationship structures can alter corporate access to market-based financing in stress periods." }, { "heading": "Publication and metadata", "content": "- Authors: Bruno Albuquerque, Melih Firat\n- Publication date: September 18, 2026\n- Publication series: IMF Working Papers; Working Paper No. 2026/197\n- Volume: 2026\n- Issue: 197\n- Pages: 50\n- DOI: https://doi.org/10.5089/9798229059862.001\n- Stock No: WPIEA2026197\n- ISBN: 9798229059862\n- ISSN: 1018-5941\n\nSource: IMF Working Papers — \"Bonding Through Crises with NBFIs\", Bruno Albuquerque and Melih Firat, September 18, 2026.\n\n---\n\n Content in this bundle\n\n- Working Paper\n - Working Paper (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Working Paper (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2026/09/18/bonding-through-crises-with-nbfis-579517" } ], "bullets": [ "[Markdown version](/en/publications/wp/issues/2026/09/18/bonding-through-crises-with-nbfis-579517/index.md)", "[Structured JSON version](/en/publications/wp/issues/2026/09/18/bonding-through-crises-with-nbfis-579517/index.json)", "[Bundle manifest](/en/publications/wp/issues/2026/09/18/bonding-through-crises-with-nbfis-579517/bundle-manifest.json)", "Authors: Bruno Albuquerque, Melih Firat", "Published: September 18, 2026", "Series: IMF Working Papers", "DOI: https://doi.org/10.5089/9798229059862.001", "Study period: 1990–2025.", "NBFI cyclicality is function-specific:", "Firms with stronger pre-crisis NBFI underwriting relationships:", "Core interpretation: NBFIs may amplify stress as loan-market risk bearers while preserving market access as bond underwriters, reconciling competing views of nonbank cyclicality.", "Data sources and market segments analyzed: primary-market syndicated loans and corporate bonds.", "Time coverage: 1990–2025.", "Empirical focus: role of NBFIs in corporate debt markets during banking crises, with attention to bank-affiliated NBFIs versus other NBFIs.", "Monitoring and regulatory attention should distinguish NBFI functions (loan risk-bearing vs bond underwriting) rather than treat NBFIs as homogeneous.", "Bank-affiliated NBFIs play a notable role in expanding bond underwriting during crises; implications for contagion channels and market access policies should reflect this affiliation-specific behavior.", "Firms’ pre-crisis relationships with NBFI underwriters affect resilience of corporate financing during banking crises; policies that influence relationship structures can alter corporate access to market-based financing in stress periods.", "Authors: Bruno Albuquerque, Melih Firat", "Publication date: September 18, 2026", "Publication series: IMF Working Papers; Working Paper No. 2026/197", "Volume: 2026", "Issue: 197", "Pages: 50", "DOI: https://doi.org/10.5089/9798229059862.001", "Stock No: WPIEA2026197", "ISBN: 9798229059862", "ISSN: 1018-5941", "**Working Paper**" ], "related": [ { "title": "Working Paper", "role": "paper", "sourceUrl": "https://www.imf.org/-/media/files/publications/wp/2026/english/wpiea2026197-source-pdf.pdf", "summary": { "path": "/-/media/files/publications/wp/2026/english/wpiea2026197-source-pdf.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/wp/2026/english/wpiea2026197-source-pdf.pdf", "mime": "application/pdf" } } ], "alternates": { "markdown": "/en/publications/wp/issues/2026/09/18/bonding-through-crises-with-nbfis-579517/index.md", "json": "/en/publications/wp/issues/2026/09/18/bonding-through-crises-with-nbfis-579517/index.json", "bundleManifest": "/en/publications/wp/issues/2026/09/18/bonding-through-crises-with-nbfis-579517/bundle-manifest.json" }, "generatedAtUtc": "2026-09-28T14:15:05.751Z" }