Flooded through the back door: The role of bank capital in local shock spillovers
研究发现银行资本不足会放大地方冲击的溢出效应。以自然灾害为例，与低资本银行关联的企业借款和资产显著下降，进而拖累区域GDP和就业。
This article demonstrates that low bank capital carries a negative externality because it amplifies local shock spillovers. We exploit a natural disaster that is transmitted to firms in nondisaster areas via their banks. Firms connected to a strongly disaster-exposed bank with lowest-quartile capitalization significantly reduce their total borrowing by 6.6% and tangible assets by 6.9% compared to similar firms connected to a well-capitalized bank. These findings translate to negative regional effects on GDP and unemployment. Additionally, following a disaster event, banks reduce their exposure to currently unaffected but generally disaster-prone areas.