#collateralized loan obligations

In a new paper co-authored with Stephane Verani and Nathan Foley-Fisher, we study the restructuring of financial intermediation in the United States since the 2007-2009 financial crisis. We examine the channel through which life insurance companies lend to corporations by arranging collateralized loan obligations through their affiliated asset managers, as well as through direct lending to corporations via on-balance sheet financing of commercial real estate mortgages and corporate loans. Figures 1-3: Private Debt Issued by the Asset Managers of U. [Read More]