Discussion Paper
Who Lends to Households and Firms?
Abstract: The financial sector in the U.S. economy is deeply interconnected. In our previous post, we showed that incorporating information about this network of financial claims leads to a substantial reassessment of which financial sectors are ultimately financing the lending to the real sector as a whole (households plus nonfinancial firms). In this post, we delve deeper into the differences between the composition of lending to households and nonfinancial firms in terms of direct lending as well as the patterns of “adjusted lending” that we compute by accounting for the network of claims financial subsectors have on each other.
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https://libertystreeteconomics.newyorkfed.org/2025/07/who-lends-to-households-and-firms/
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Provider: Federal Reserve Bank of New York
Part of Series: Liberty Street Economics
Publication Date: 2025-07-14
Number: 20250714