FINANCIAL SAFETY NETS
研究了在私人信贷有限时如何最优设计金融安全网，发现限制事前可获公共流动性支持的投资者范围能提高流动性、社会福利，并解释了传统银行与影子银行共存的现象。
Abstract We study the optimal design of financial safety nets under limited private credit, asking whether and when it is optimal to restrict ex ante the set of investors that can receive public liquidity support. When the government lacks commitment, we show that the optimally designed safety net covers only a subset of investors. Compared to an economy where all investors are protected, this results in more liquid portfolios, better social insurance, and higher welfare. Our results can rationalize the prevalence of limited safety nets as well as the coexistence of traditional and shadow banks.