Balancing liquidity and returns through interbank markets: Endogenous interest rates and network structures
构建了一个基于流动性考虑的同质银行间借贷模型，推导了保留价格，并研究了银行因流动性冲击形成双边借贷网络的过程，发现网络呈现核心-外围结构，核心与外围银行在借贷量和利率上存在差异。
Abstract In this article, we develop a model of interbank lending based on liquidity and return on equity considerations of homogeneous banks. We derive the reservation prices of interbank lending and its properties before exploring how, because of an idiosyncratic liquidity shock, banks engage in bilateral lending to form an interbank network. We establish that the resulting networks exhibit realistic properties, including a core‐periphery structure. Banks in the core and the periphery of this network differ not only in the amounts of interbank lending and borrowing but also in the interest rates applied to their transactions.