The Credit Risk Transfer and Banking Stability
研究了银行风险资产的流动性如何影响银行行为及其稳定性，发现银行有动机承担更多新风险，从而抵消对稳定性的正面影响。
This paper shows that how the liquidity of bank risky asset affects the bank behavior and its stability, and finds out that bank have an incentive to take on an amount of new risk that more offsets the positive direct impact on stability.In order to prevent banking crisis,we should care about the bank liquidity risk.