Tracing the Impact of Bank Liquidity Shocks: Evidence from an Emerging Market
利用巴基斯坦核试验导致的银行间流动性差异，发现银行流动性下降1%会使同一企业从该银行的贷款减少0.6%；大企业可通过信贷市场弥补，小企业则面临融资下降和财务困境。
We examine the impact of liquidity shocks by exploiting cross-bank liquidity variation induced by unanticipated nuclear tests in Pakistan. We show that for the same firm borrowing from two different banks, its loan from the bank experiencing a 1 percent larger decline in liquidity drops by an additional 0.6 percent. While banks pass their liquidity shocks on to firms, large firms—particularly those with strong business or political ties—completely compensate this loss by additional borrowing through the credit market. Small firms are unable to do so and face large drops in overall borrowing and increased financial distress.