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Melih Firat

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Open access Sep 2026

Bonding Through Crises with NBFIs

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. We find that NBFI cyclicality is function-specific: NBFIs contract syndicated loans relative to banks but expand corporate bond underwritin...

Bruno Albuquerque, Melih Firat · 0 citations

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