Stress relief? Funding structures and resilience to the covid shock *

• 成果类型: Article
• 署名作者: Forbes, Kristin; Friedrich, Christian; Reinhardt, Dennis
• 署名单位: Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; Bank of Canada; Bank of England
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2023.05.005
• 发表日期: 2023
• 页码: 47-81
• 关键词: covid-19; Financial stress; Funding structure; Non-bank financial institutions; Shadow banks

摘要

How did funding structures-the source, instrument, currency, and counterparty location of financing-relate to the financial stress experienced in different countries and sectors during Covid-19? Banks and corporates with a higher share of funding from non-bank fi-nancial institutions (NBFIs) or in US dollars experienced significantly greater stress, while more funding in debt instruments (versus loans) or cross-border (versus domestically) did not affect resilience. Policies targeting these structural vulnerabilities (US$ swap lines and NBFI policies) were more effective at mitigating stress than policies supporting banks, even controlling for macroeconomic policies. Macroprudential regulations should prioritize ex-posures to NBFI and dollar funding.& COPY; 2023 The Bank of England and Elsevier B.V. All rights reserved.