Short-Term Debt and Bank Risk
研究发现，金融危机前回购协议增加被外部资本市场视为银行风险上升，危机期间回购与风险呈负相关，因为好银行能继续融资而坏银行被迫减少回购。
The extant literature suggests that one of the main causes of the recent financial crisis was the excessive use of short-term debt by banks. Using a large sample of banks, we find that increases in repurchase agreements (repos) were recognized by external capital markets to increase bank risk in the pre-crisis period. In the crisis, we find a negative relationship between repos and risk. We attribute this result to evidence suggesting that “good” banks were able to continue funding their repos, whereas “bad” banks had to significantly decrease their repo funding.