In the shadow of shadow banking: A liquidity perspective
研究了流动性监管要求对商业银行和影子银行的影响，发现影子银行证券流动性不变时，提高要求会减少总体流动性；但若其流动性随市场份额下降，则可能增加总体流动性。
Liquidity requirements for commercial banks improve risk‐sharing for depositors. Nevertheless, shadow banks, issuing securities with lower liquidity, operate outside such regulatory constraints. In an economy featuring shadow banks with a constant level of liquidity for shadow bank securities, higher liquidity requirements lead to a reduction in aggregate liquidity provision, owing to regulatory arbitrage incentives. Conversely, when the liquidity of shadow bank securities decreases with the market share of shadow banks, the incentive for regulatory arbitrage is reduced and, thus, higher liquidity requirements could enhance aggregate liquidity provision.