Bank Funding Risk, Reference Rates, and Credit Supply
研究发现，企业信贷额度在融资市场紧张时被更多提取，推高银行预期融资成本，进而抑制信贷供给；而将利率挂钩信用敏感参考利率（如LIBOR）可缓解此影响，但转向无风险参考利率可能加剧问题。
ABSTRACT Corporate credit lines are drawn more heavily when funding markets are stressed. This elevates expected bank funding costs. We show that credit supply is dampened by the associated debt‐overhang cost to bank shareholders. Until 2022, this impact was reduced by linking the interest paid on lines to a credit‐sensitive reference rate like the London interbank offered rate (LIBOR). We show that transition to risk‐free reference rates may exacerbate this friction. The adverse impact on credit supply is offset if drawdowns are expected to be deposited at the same bank, which happened at some of the largest banks during the global financial crisis and COVID recession.