Bank bias in Europe: effects on systemic risk and growth
研究发现欧洲银行体系相对股权和债券市场越大，系统性风险越高、经济增长越低，尤其在房市危机时，并讨论了减少银行偏向的政策方案。
Europe’s financial structure has become strongly bank-based–far more so than in other economies. We document that an increase in the size of the banking system relative to equity and private bond markets is associated with more systemic risk and lower economic growth, particularly during housing market crises. We argue that these two phenomena arise owing to an amplification mechanism, by which banks overextend and misallocate credit when asset prices rise, and ration it when they drop. The paper concludes by discussing policy solutions to Europe’s ‘bank bias’, which include reducing regulatory favouritism towards banks, while simultaneously supporting the development of securities markets.