Liquidity risk management and credit supply in the financial crisis

被引：633

作者：

Cornett, Marcia Millon ^{[2
]}

McNutt, Jamie John ^{[3
]}

Strahan, Philip E. ^{[1
,4
]}

Tehranian, Hassan ^{[1
]}

机构：

[1] Boston Coll, Chestnut Hill, MA 02167 USA

[2] Bentley Univ, Waltham, MA USA

[3] So Illinois Univ, Carbondale, IL 62901 USA

[4] NBER, Cambridge, MA 02138 USA

来源：

JOURNAL OF FINANCIAL ECONOMICS | 2011年 / 101卷 / 02期

关键词：

Financial institutions; Liquidity risk; Financial crisis; MARKET DISCIPLINE; DEPOSIT INSURANCE; COMMERCIAL PAPER; CAPITAL-MARKETS; BANK RISK; CREATION;

D O I：

10.1016/j.jfineco.2011.03.001

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Liquidity dried up during the financial crisis of 2007-2009. Banks that relied more heavily on core deposit and equity capital financing, which are stable sources of financing, continued to lend relative to other banks. Banks that held more illiquid assets on their balance sheets, in contrast, increased asset liquidity and reduced lending. Off-balance sheet liquidity risk materialized on the balance sheet and constrained new credit origination as increased takedown demand displaced lending capacity. We conclude that efforts to manage the liquidity crisis by banks led to a decline in credit supply. (C) 2011 Elsevier B.V. All rights reserved.

引用

页码：297 / 312

页数：16