Regional Banks, Aggregate Effects

• 成果类型: Article
• 署名作者: Maingi, Quinn
• 署名单位: University of Southern California
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2025.104226
• 发表日期: 2026-02
• 页码: 104226
• 关键词: banks; Regional lending markets; Regional banking crisis; LIQUIDITY SHOCKS EVIDENCE; monetary-policy; credit; EMPLOYMENT; CRISIS; transmission; COMPETITION; distance; channel; IMPACT

摘要

I develop and estimate a quantitative spatial model featuring banks' spatial lending networks to study the real effects of bank funding shocks. I apply the model to the 2023 regional bank panic. I show that, during the panic, deposits were reallocated towards regional banks with better marginal lending opportunities, which offered higher deposit rates. This reallocation substantially mitigated the otherwise negative aggregate output effects of the remaining, panic-related deposit flows. This positive reallocation effect is primarily driven by inflows into banks with good lending opportunities, suggesting that fundamental forces, rather than panic-driven idiosyncratic runs, are behind the positive reallocation effect.