1 Introduction 2

2 Data 8

  2.1 Syndicated loans and corporate bonds 8

  2.2 Banking crises 8

  2.3 Balance sheet data on nonfinancial firms 12

3 Main results 12

  3.1 Bank and NBFI credit intermediation during banking crises 13

  3.2 Loan–bond substitution during crises 18

  3.3 Alternative mechanisms 25

  3.4 Financing capacity during banking crises 30

  3.5 Firm outcomes during banking crises 32

4 Banking groups: nonbank resilience or reallocation within financial groups? 34

5 Robustness checks 36

6 Conclusion 37

Appendix A: Data 39

Appendix B: Tables 41