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... share of bank loans 1 in overall borrowing of nonfarm nonfinancial corporate sector shows a clear cyclical pattern, but also a declining trend is unmistakable since the early 1980s (Figure 1). During this period, bank loans are increasingly replaced by nonbank short-term borrowing and long term mortgages, and with firms increasingly utilizing a variety of other debt instruments, they cease to be the biggest source of funds for nonfarm nonfinancial corporations (Wheelock, 2004). ...
