Unsecured and Secured Funding
研究了欧元区银行在无担保和有担保同业拆借市场上的借贷行为，发现信用较差的银行用有担保借款替代无担保借款，而风险较高的贷款人则偏好有担保贷款，强调需联合分析两类融资来源。
Abstract We study how individual banks borrow and lend in the euro unsecured and secured interbank market. We find that banks with lower credit worthiness replace unsecured with secured borrowing, which is consistent with a reduction in the supply of unsecured loans rather than a lower demand for funding. Riskier lenders replace unsecured with secured lending, suggesting that banks take precautionary measures and prefer to lend against safe collateral. Our results highlight the importance of a joint analysis of unsecured and secured funding. Separate analyses only give a partial view and might yield misleading conclusions when banks access both funding sources.