A Crisis of Banks as Liquidity Providers

• 成果类型: Article
• 署名作者: Acharya, Viral V.; Mora, Nada
• 署名单位: New York University; National Bureau of Economic Research; Federal Reserve System - USA; Federal Reserve Bank - Kansas City
• 刊物名称: JOURNAL OF FINANCE
• ISSN/ISSBN: 0022-1082
• DOI: 10.1111/jofi.12182
• 发表日期: 2015
• 页码: 1-43
• 关键词: COMMERCIAL PAPER; Deposit insurance; Financial crisis; MARKET; RISK; management; lender; SYSTEM; safe

摘要

Can banks maintain their advantage as liquidity providers when exposed to a financial crisis? While banks honored credit lines drawn by firms during the 2007 to 2009 crisis, this liquidity provision was only possible because of explicit, large support from the government and government-sponsored agencies. At the onset of the crisis, aggregate deposit inflows into banks weakened and their loan-to-deposit shortfalls widened. These patterns were pronounced at banks with greater undrawn commitments. Such banks sought to attract deposits by offering higher rates, but the resulting private funding was insufficient to cover shortfalls and they reduced new credit.