## Bonding Through Crises with NBFIs

_IMF Working Papers, September 18, 2026_

## Source details

**Canonical URL:** [Bonding Through Crises with NBFIs](https://www.imf.org/en/publications/wp/issues/2026/09/18/bonding-through-crises-with-nbfis-579517)

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## Bibliographic details
- Authors: Bruno Albuquerque, Melih Firat
- Published: September 18, 2026
- Series: IMF Working Papers
- DOI: https://doi.org/10.5089/9798229059862.001

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### Summary findings
- Study period: 1990–2025.
- NBFI cyclicality is function-specific:
  - NBFIs contract syndicated loans relative to banks.
  - NBFIs expand corporate bond underwriting, especially through bank-affiliated NBFIs.
- Firms with stronger pre-crisis NBFI underwriting relationships:
  - Are more likely to switch from loans to bonds.
  - Raise more bond financing.
  - Experience smaller declines in total borrowing.
  - Exhibit stronger crisis outcomes.
- Core interpretation: NBFIs may amplify stress as loan-market risk bearers while preserving market access as bond underwriters, reconciling competing views of nonbank cyclicality.

### Evidence and scope
- 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.

### Policy-relevant implications
- 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.

### Publication and metadata
- 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

*Source: IMF Working Papers — "Bonding Through Crises with NBFIs", Bruno Albuquerque and Melih Firat, September 18, 2026.*

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## Content in this bundle

- **Working Paper**
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_Source: https://www.imf.org/en/publications/wp/issues/2026/09/18/bonding-through-crises-with-nbfis-579517_