Payment System Externalities
研究了银行的支付处理角色如何影响其贷款活动，发现不同区域外包倾向差异会导致流动性外部性，银行可能因需持有流动性应对其他银行发行的债权而限制自身贷款。
ABSTRACT We examine how the payment processing role of banks affects their lending activity. In our model, banks operate in separate zones, and issue claims to entrepreneurs who purchase some inputs outside their own zone. Settling bank claims across zones incurs a cost. In equilibrium, a liquidity externality arises when zones are sufficiently different in their outsourcing propensities—a bank may restrict its own lending because it needs to hold liquidity against claims issued by another bank. Our work highlights that the disparate motives for interbank borrowing (investing in productive projects and managing liquidity) can have different effects on efficiency.