Can the U.S. Interbank Market Be Revived?
研究了2007-2008年危机后美国银行间市场因准备金过剩而消失，若准备金减少市场能否复苏，发现银行监管带来的资产负债表成本可能阻碍复苏，甚至导致非银行机构完全取代银行间借贷。
Abstract The U.S. interbank market essentially disappeared as the reserve supply dramatically increased after the 2007–2008 crisis. We build a model to study whether the interbank market can revive if the reserve supply decreases sufficiently. The market may not revive due to balance sheet costs associated with recent banking regulations. Although interbank volume may initially increase as reserves decline from abundant levels, the balance sheet costs may engender changes in market structure that completely replace interbank trading by nonbank lending to banks. This nonmonotonic response could lead to misleading forecasts about future interbank volumes.