The Effect of State Solvency on Bank Values and Credit Supply: Evidence from State Pension Cut Legislation
研究发现，州的财政状况通过银行持有的市政债券影响信贷供给，利用2011年威斯康星和俄亥俄州工会谈判权争议作为外生冲击，揭示了偿付能力变化对银行估值和信贷渠道的作用。
We find the financial condition of states impacts bank credit supply through their municipal bond holdings. In particular, we treat sudden political and statutory actions during the 2011 union bargaining rights debates in Wisconsin and Ohio as exogenous shocks to state solvency. We show bank valuations and municipal bond spreads adjust to the announcements, and, over longer horizons, a new lending channel linked to state solvency emerges, whereby banks supply credit as municipal bond appreciations free up capital.