Depositors Discipline through Interest Costs during Good and Bad Times: the Role of the Guarantor of Last Resort1
研究了公共部门作为最后担保人帮助银行或担保银行负债的能力，如何影响利息成本对银行基本面的敏感度，发现敏感度随担保人风险增加而上升，可能促进存款人的市场监督。
We investigate whether the public sector’s ability as the guarantor of last resort (GLR) to help banks or to guarantee banks’ liabilities affects the sensitivity of interest costs to bank fundamentals. We use a global bank sample and find that the sensitivity is an increasing function of GLR risk, regardless of the method applied to describe this risk. Therefore, our results indicate that increased levels of GLR risk might foster market monitoring by depositors.