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Have Banks Outsourced Financial Fragility?

March 26th, 2026
27 minutes
Quirin Fleckenstein

When credit markets seize up in crisis periods, most people still blame the banks. But new research suggests the bigger pullback may come from nonbanks like the syndicated loan market. These have grown fast but remain fragile, cutting lending harder in times of stress – with negative consequences on employment. That shift could reshape how we think about crises, jobs and financial resilience.

HEC researchers unpack their latest findings on real-world challenges
Financial Fragility podcast HEC

Have Banks Outsourced Financial Fragility?

Quirin Fleckenstein
27 minutes

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