Leaders watching banks may miss the real signal. HEC Paris Business School professor Quirin Fleckenstein shows how nonbanks drive the sharpest credit swings.
As Washington moves to make it harder to designate nonbanks as systemically important, Quirin Fleckenstein’s research suggests that, in syndicated lending, nonbanks—not banks—have been the main drivers of credit cyclicality.
On March 25, the Financia… [4997 chars]
Source: Forbes | Published: 2026-03-31T12:39:29Z
Credit: Forbes
