Banks' Funding Stress, Lending Supply, and Consumption Expenditure
利用家庭消费调查与银行数据，研究发现银行融资压力导致低收入家庭消费下降，但对高收入家庭影响不显著。
Abstract We employ a unique identification strategy linking survey data on household consumption expenditure to bank‐level data to estimate the effects of bank funding stress on consumer credit and consumption expenditures. We show that households whose banks were more exposed to funding shocks report lower levels of nonmortgage liabilities. This, however, only translates into lower levels of consumption for low‐income households. Hence, adverse credit supply shocks are associated with significant heterogeneous effects.