Bank Networks and Monetary Policy Transmission
以德国为例，论证银行网络的存在影响银行对货币政策的反应，小银行通过网络组织的大机构间接参与银行间市场，从而在货币紧缩时保持贷款组合相对稳定，提示在类似国家检验银行信贷渠道时不能仅依赖规模标准。
This paper argues that the existence of bank networks is important for banks' reactions to monetary policy. For the example of Germany, it is found that small banks access the interbank market indirectly through the large head institutions of their respective network organizations. The interbank flows within these networks allow smaller banks to manage their funds in a fashion that helps them in keeping their loan portfolio with nonbanks relatively unaffected after a monetary contraction. This implies that tests for a bank-lending channel in countries with comparable bank networks should not rely on a size criterion only, and explains why several recent contributions have found a prominent role for banks' liquidity positions.