Shock Propagation and Banking Structure
研究了银行在行业困境中提供流动性的决策是否受其内化负面溢出效应的影响，发现高市场份额银行更可能内化溢出效应，在困境中提供流动性，从而有利于金融稳定。
We explore whether lenders’ decisions to provide liquidity in periods of distress are affected by the extent to which they internalize the negative spillovers of industry downturns. We conjecture that high-market-share lenders are more likely to internalize negative spillovers and show that they provide liquidity to industries in distress when fire sales are likely to ensue. High-market-share lenders also provide liquidity to customers and suppliers of distressed industries when the disruption of supply chains is expected to be costly. Our results suggest a novel channel to explain why credit concentration may favor financial stability.Received November 3, 2017; editorial decision November 5, 2018 by Editor Itay Goldstein.