Liquidity Risk, Liquidity Creation, and Financial Fragility: A Theory of Banking
提出银行贷款因需要关系专用技能而缺乏流动性，银行通过脆弱资本结构创造流动性，同时缓冲借款人受存款人流动性需求影响，并分析资本要求等稳定政策对流动性创造的影响。
Loans are illiquid when a lender needs relationship-specific skills to collect them. Consequently, if the relationship lender needs funds before the loan matures, she may demand to liquidate early, or require a return premium, when she lends directly. Borrowers also risk losing funding. The costs of illiquidity are avoided if the relationship lender is a bank with a fragile capital structure, subject to runs. Fragility commits banks to creating liquidity, enabling depositors to withdraw when needed, while buffering borrowers from depositors' liquidity needs. Stabilization policies, such as capital requirements, narrow banking, and suspension of convertibility, may reduce liquidity creation.