Liquidity Risk, Bank Networks, and the Value of Joining the Federal Reserve System
研究发现，面临季节性贷款需求带来的高流动性风险的银行更可能加入美联储，部分银行通过银行间网络间接获得贴现窗口流动性，加入美联储增加了成员银行的贷款。
Abstract Reducing systemic liquidity risk related to seasonal loan demand was one reason for founding the Federal Reserve System. Nevertheless, less than 8% of state‐chartered banks joined the Fed in its first decade. Banks facing high liquidity risk from seasonal loan demand were more likely to join the Fed in its first decade. We also find evidence consistent with the notion that banks could obtain some indirect access to the discount window through interbank transfers. Some banks apparently joined the Fed to pass through discount window liquidity to other banks via the interbank network. Joining the Fed increased member banks’ lending.