The Impact of the 2007 Liquidity Shock on Bank Jumbo Mortgage Lending
研究了2007年私人标签住房抵押贷款支持证券市场崩溃对银行大额抵押贷款发放的影响，发现依赖该市场且资本不足的银行大额贷款下降更多，而资本充足的银行则增加发放，凸显了二级市场依赖对金融冲击的放大作用以及资本要求的价值。
This paper explores the consequences of the collapse of the private‐label residential mortgage‐backed securities market in 2007 on banks’ originations of jumbo mortgages. We show that jumbo lending declined by more at banks that were more dependent on this market and were less well capitalized. In contrast, banks that had little dependence on this market and were well capitalized increased jumbo originations. These findings highlight how dependence on the secondary market may cause amplification of financial shocks, and the potential value of capital requirements that are higher during periods of economic growth in mitigating the amplification effects.