Reason for Reserve? Reserve Requirements and Credit
研究了黎巴嫩提高外币存款准备金率对银行信贷的影响，发现依赖美元融资且美元流动资产少的银行受冲击更大，小企业受影响尤为严重。
This paper considers the impact of a regulatory policy action on bank credit and traces its incidence across banks. I make use of a reserve requirement increase in Lebanon that was considerably greater on foreign currency deposits than on domestic currency deposits. All banks cut lending as they scrambled to adjust portfolios. But the policy shock disproportionately affected banks with a greater reliance on dollar funding and with low buffers of dollar liquid assets. Exposed domestic‐owned banks also adjusted more slowly than similar foreign‐owned banks that obtained outside funding. Descriptive firm–bank matching evidence reveals a disproportionate impact on small firms.