Oil Price Shocks and Bank Risk around the World
研究了全球范围内油价冲击对银行风险的影响，发现石油供应、总需求和特定需求三种冲击均增加银行风险，且特定需求冲击对石油进口国与出口国、正常时期与金融危机时期的影响不同。
This paper provides global evidence that oil price shocks have significant impacts on bank risk. Specifically, all three oil shocks, including oil supply shocks, aggregate demand shocks, and oil specific demand shocks, have positive impacts on bank risk. In particular, oil specific demand shocks have different impacts on bank risk in oil-importing versus oil-exporting countries and in normal times versus the financial crisis period. Moreover, we find that interest rate spread could significantly explain the impacts of oil shocks on bank risk for oil-exporting countries during normal times. Our main results remain valid in various robustness tests.This study provides important practical implications for policy makers, banks, and investors around the world.