Credit Lines and the Liquidity Insurance Channel
提出流动性保险渠道，解释高信用质量企业依赖银行信用额度管理流动性，并分析银行健康冲击如何影响不同信用质量企业，揭示银行健康通过信用额度供给影响经济活动的机制。
Abstract We suggest a new mechanism—the liquidity insurance channel —based on the widespread reliance of high credit quality firms on bank credit lines for liquidity management. Our model matches the patterns of usage of loans and credit lines in the cross‐section of firms and defines the conditions under which shocks to bank health affect primarily low or high credit quality firms. Our framework can explain why credit line origination is more cyclical than loan origination. Overall, we uncover a novel interaction between bank health and economic activity through the provision of bank credit lines to high credit quality firms.