Liquidity Requirements, Free‐Riding, and the Implications for Financial Stability Evidence from the Early 1900s
研究了20世纪初美国州立银行是否因国民银行持有高现金而减少自身现金持有，揭示了流动性要求与搭便车行为对金融稳定的影响。
Abstract Maintaining sufficient liquidity in the financial system is vital for its stability. However, since returns on liquid assets are typically low, individual financial institutions may seek to hold fewer such assets, especially if they believe they can rely on other institutions for liquidity support. We examine whether state banks in the early 1900s took advantage of relatively high cash balances maintained by national banks, due to reserve requirements, to hold less cash themselves. We find that state banks did hold less cash in places where both state legal requirements were lower and national banks were more prevalent.