Bank liquidity, macroeconomic risk, and bank risk: Evidence from the Financial Services Modernization Act
研究了1999年《金融服务现代化法案》前后，宏观经济风险如何影响银行流动性与银行风险的关系，发现法案后流动性充足的银行在高风险环境下增加放贷，导致风险上升。
Abstract We investigate the empirical relationship between macroeconomic risk, bank liquidity, and bank risk surrounding the 1999 Financial Services Modernization Act. We propose that bank risk and liquidity are positively related as macroeconomic risk increases, and that this effect is particularly strong after the Gramm–Leach–Bliley Act (GLBA). We test our hypotheses by collecting data from 1994 to 2006 for banks in the United States. The results show that banks flush with liquid assets in a high macroeconomic risk environment conducted more lending activities following the enactment of the GLBA, leading to higher bank risk. Our study complements the understanding of bank liquidity management.