Wholesale Funding Dry‐Ups
利用欧洲短期无担保存单的交易数据，研究发现2008-2014年间并未出现市场范围的融资冻结，但许多银行突然经历融资枯竭，且枯竭能预测但非导致银行未来业绩恶化。
ABSTRACT We empirically explore the fragility of wholesale funding of banks, using transaction‐level data on short‐term, unsecured certificates of deposit in the European market. We do not observe a market‐wide freeze during the 2008 to 2014 period. Yet, many banks suddenly experience funding dry‐ups. Dry‐ups predict, but do not cause, future deterioration in bank performance. Furthermore, during periods of market stress, banks with high future performance tend to increase reliance on wholesale funding. We therefore fail to find evidence consistent with adverse selection models of funding market freezes. Our evidence is in line with theories highlighting heterogeneity between informed and uninformed lenders.