The Forced Safety Effect: How Higher Capital Requirements Can Increase Bank Lending
政府担保给银行带来隐性补贴，资本要求通过负债结构减少补贴，同时使银行更安全，缓解其低估能产生盈余贷款的问题，从而可能增加贷款。
ABSTRACT Government guarantees generate an implicit subsidy for banks. A capital requirement reduces this subsidy, through a simple liability composition effect. However, the guarantees also make a bank undervalue loans that generates surplus in states of the world in which it defaults. Raising the capital requirement makes the bank safer, which alleviates this problem. We refer to this mechanism, which we argue is empirically relevant, as the forced safety effect .