We're sunsetting PodQuest on 2025-07-28. Thank you for your support!
Export Podcast Subscriptions
cover of episode Private Credit & Systemic Risk

Private Credit & Systemic Risk

2025/6/18
logo of podcast Moody's Talks - Inside Economics

Moody's Talks - Inside Economics
AI Deep Dive AI Chapters Transcript
People
M
Marisa DiNatale
M
Mark Zandi
S
Samim Ghamami
Topics
Mark Zandi：作为穆迪分析的首席经济学家，我介绍了私募信贷的概念，它主要面向无法从传统银行或公共债券市场获得融资的中小型企业。这些贷款通常由私募信贷基金提供，例如阿波罗、黑石和KKR等大型机构。私募信贷在金融危机后显著增长，部分原因是银行面临更严格的监管和资本要求，这促使贷款业务转移到非银行领域。目前，私募信贷已成为一个重要的资产类别，规模达到2万亿美元，对更广泛的金融体系产生了重大影响。 Samim Ghamami：作为美国证券交易委员会的高级经济学家，我强调了私募信贷在填补银行信贷缺口方面的作用，尤其是在COVID-19冲击之后。大型银行对中小企业的信贷供应相对不足，而私募信贷填补了这一空缺。我们的研究旨在评估私募信贷存在下的金融系统性风险，并发现自全球金融危机以来，美国金融体系的互联互通水平有所提高。这意味着在小的负面冲击下，系统可能更稳定，但在大的负面冲击下，可能增加金融稳定性风险。此外，我们还讨论了私募信贷对货币政策的影响，指出其增长可能降低货币政策对利率的敏感性，并延长政策的滞后效应。 Marisa DiNatale：我将私募信贷比作对中小企业提供贷款的对冲基金或私募股权基金，并询问了企业选择私募信贷而非银行的原因。萨米姆解释说，这可能是因为企业规模太小，或者杠杆率太高，风险太大，无法获得银行贷款。 Chris deRitis：我主要关注系统性风险，并提问在冲击较小的情况下，金融网络是否更有利，以及冲击过大时是否会造成传染。萨米姆回答说，这取决于金融体系的流动性，如果银行和私募信贷公司等资本充足，那么阈值会很高。

Deep Dive

Chapters
This chapter explains what private credit is, differentiating it from private equity and hedge funds. It also discusses the reasons behind its rapid growth, including the post-GFC regulatory changes affecting banks and the maturity matching benefits it offers.
  • Private credit is direct lending to small and medium-sized firms outside bank lending and public bond markets.
  • It's carried out by private credit funds, often sponsored by private equity firms.
  • Growth is linked to post-GFC bank regulations and a better maturity matching of funds and loans.

Shownotes Transcript

Samim Ghamami, Senior Economist at the U.S. Securities and Exchange Commission, joins Mark, Cris, and Marisa to explore the rapid rise of the private credit market. With global assets surpassing $2 trillion, Samim breaks down the systemic risks posed by this opaque yet fast-growing asset class. The discussion delves into private credit’s role in middle-market lending, private equity, and new markets like infrastructure and real estate, as well as its implications for financial stability and regulation.

Access the full paper, Private Credit & Systemic Risk here: https://www.economy.com/getfile?q=2107637A-C535-4AFF-83BC-6CBA1AD1FAB9&app=download)

Guest: Samim Ghamami), Senior Economist at the Securities and Exchange Commission

Hosts: Mark Zandi – Chief Economist, Moody’s Analytics, Cris deRitis – Deputy Chief Economist, Moody’s Analytics, Marisa DiNatale – Senior Director - Head of Global Forecasting, Moody’s Analytics

Follow Mark Zandi on 'X', BlueSky or LinkedIn @MarkZandi, Cris deRitis on LinkedIn, and Marisa DiNatale on LinkedIn

Questions or Comments, please email us at [email protected]). We would love to hear from you. 

 

To stay informed and follow the insights of Moody's Analytics economists, visit Economic View).