Econ Papers Daily / 期刊论文
小银行确实与众不同：意外存款流动、贷款生产与表外融资流动性风险
Small banks really are different: Unexpected deposit flows, loan production, and off-balance-sheet funding liquidity risk
摘要
This paper examines how bank loans evolve following unexpected deposit flows. Using bank-level U.S. commercial banks' data, we show that while large banks' lending is largely unaffected, loans at small banks significantly change after deposit shocks. Furthermore, the extent of this change among small banks depends on their exposure to off-balance-sheet liquidity risk, proxied by the level of unused commitments. Small banks with higher off-balance sheet exposures tend to extend fewer new loans following positive deposit shocks, suggesting that liquidity absorbed from the failure of other banks or market disruptions might not as easily be lent again to borrowers. Overall, these findings emphasize how off-balance-sheet risks can constrain the credit supply channel, even in the presence of liquidity surpluses.
中文摘要
本文考察了银行存款意外流动之后银行贷款的演变。利用美国商业银行的银行层面数据，我们发现，大型银行的贷款基本不受影响，而小型银行的贷款在存款冲击后会发生显著变化。此外，小型银行这种变化的程度取决于其表外流动性风险敞口，该敞口以未使用承诺水平作为代理变量。表外敞口较高的小型银行在正向存款冲击后往往会发放更少的新贷款，这表明从其他银行倒闭或市场扰动中吸收的流动性可能不会那么容易再次贷给借款人。总体而言，这些发现强调了即使存在流动性盈余，表外风险也可能如何约束信贷供给渠道。