Liquidity Provision and Financial Stability
研究发现金融中介因过度积累股权而减少流动性提供，损害家庭福利；补贴中介分红可鼓励提前支付、降低股权积累，从而增加流动性并提升经济稳定性。
Abstract When financial intermediaries' key characteristic is provision of liquidity through their liabilities, with financial frictions, the financial sector in the aggregate is likely to overaccumulate equity, thus decreasing liquidity provision and household welfare. Aggregate household welfare is therefore decreasing in the level of aggregate intermediary equity even though the individual value of intermediaries is increasing in equity, which is why intermediaries overaccumulate equity. Subsidizing intermediary dividends can improve welfare by encouraging earlier payout and decreasing aggregate equity in the financial sector. This policy increases the likelihood that intermediaries provide more liquidity and improves the stability of the economy, even though asset prices fall.