Reserve Requirements, Liquidity Risk, and Bank Lending Behavior
利用银行层面数据，研究了准备金要求提高如何通过减少银行流动资产和贷款供给来影响信贷，揭示了量化紧缩通过抵押央行贷款耗尽银行未抵押流动资产的新渠道。
Abstract Although reserve requirements (RR) have been used in emerging markets to smooth credit cycles, the transmission mechanism remains blurry. Using bank‐level data, we unveil the interaction of RR with bank lending. We identify a new channel that works through a decline in banks’ liquid assets and loan supply due to an increase in RR. “Quantitative tightening” through RR raises the short‐term funding needs of the banking system, which is met by collateralized central bank lending, thus depleting banks’ unencumbered liquid assets. Our results suggest that such a shift in bank liquidity is associated with a significant change in lending.