银行异质性与金融稳定性

IF 10.4 1区经济学 Q1 BUSINESS, FINANCE

Journal of Financial Economics Pub Date : 2024-09-10 DOI:10.1016/j.jfineco.2024.103934

Itay Goldstein , Alexandr Kopytov , Lin Shen , Haotian Xiang

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引用次数: 0

摘要

我们提出了一个金融体系模型，在这个模型中，各家银行都容易发生挤兑，并通过火售将其联系起来。银行内部和银行之间的战略互补性相互放大，使得银行风险的异质性成为影响每家银行和整个系统脆弱性的关键因素。只要不同银行相互关联，异质性的增加就会稳定所有银行。减少资产共性、银行特定信息披露，甚至是资产购买和流动性要求等基础广泛的政策，都可以通过增加银行异质性来增强稳定性。

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Bank heterogeneity and financial stability

We propose a model of the financial system in which banks are individually prone to runs and connected through fire sales. Strategic complementarities within and across banks amplify each other, making heterogeneity in bank risks a key factor shaping the fragility of each bank and the entire system. As long as different banks are interconnected, an increase in heterogeneity stabilizes all banks. Reductions in asset commonality, bank-specific disclosures, and even broad-based policies such as asset purchases and liquidity requirements can enhance stability by increasing bank heterogeneity.

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来源期刊

Journal of Financial Economics Multiple-

CiteScore

15.80

自引率

4.50%

发文量

192

审稿时长

37 days

期刊介绍： The Journal of Financial Economics provides a specialized forum for the publication of research in the area of financial economics and the theory of the firm, placing primary emphasis on the highest quality analytical, empirical, and clinical contributions in the following major areas: capital markets, financial institutions, corporate finance, corporate governance, and the economics of organizations.