Positive Bank-to-Bank Spillovers
首次证明银行间存在正向溢出效应，利用页岩油繁荣冲击存款基础，发现与受冲击银行有地理关联的未受冲击银行会扩大贷款，并推高当地房价。
Abstract This paper provides the first evidence of positive bank-to-bank spillovers. I show that geographic linkages between banks that engage in home lending in the same geographic region transmit positive shocks from one bank to another. I exploit shocks to the deposit base of banks located in counties experiencing shale oil booms and show that a nonshocked bank in a nonboom county expands lending more if its linkages have greater exposure to shale booms. Results show that the shock exposure of linkages has a positive impact on home prices of nonboom counties, and nonshocked banks located therein respond with increased lending.