Shocked by Bank Funding Shocks: Evidence from Consumer Credit Cards
利用美国几乎全部消费者信用卡数据，研究发现银行将批发融资冲击通过降低信用卡额度传导给消费者，受信贷约束的消费者无法通过其他信用卡对冲，导致总信用额度持续下降，进而减少借贷。
Abstract Using the near universe of U.S. consumer credit cards, we show that banks transmit their wholesale funding shocks to consumers by reducing their credit card limits. Credit-constrained consumers who are unable to hedge against the transmitted shock by accessing other credit cards experience a stronger and more persistent reduction in aggregate credit card limits at the consumer level. Consequently, these credit-constrained consumers reduce their aggregate credit card borrowing. Our results document a credit card lending channel for the transmission of adverse bank shocks and show who bears the costs of fragile bank funding structures. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.