Bank Capital Redux: Solvency, Liquidity, and Crisis
利用17个国家自1870年以来的银行资产负债表数据，分析银行资本结构的长期演变，发现更高资本与更低危机风险无关，但资本充足的银行系统在危机后恢复更快。
Abstract What is the relationship between bank capital, the risk of a financial crisis, and its severity? This article introduces the first comprehensive analysis of the long-run evolution of the capital structure of modern banking using newly constructed data for banks’ balance sheets in 17 countries since 1870. In addition to establishing stylized facts on the changing funding mix of banks, we study the nexus between capital structure and financial instability. We find no association between higher capital and lower risk of banking crisis. However, economies with better capitalized banking systems recover faster from financial crises as credit begins to flow back more readily.