紧急援助
中国
金融体系
业务
货币经济学
政府(语言学)
经验证据
经济
中国金融体系
金融危机
宏观经济学
地理
语言学
哲学
考古
认识论
作者
Liyuan Liu,Xianshuang Wang,Zhen Zhou
出处
期刊:Social Science Research Network
[Social Science Electronic Publishing]
日期:2023-01-01
被引量:1
摘要
This paper investigates the consequences of Chinese regulators deviating from a long-standing full bailout policy in addressing a city-level commercial bank's distress. This event led to a persistent widening of credit spreads and a significant decline in funding ratios for negotiable certificates of deposit issued by small banks relative to large ones. Our empirical analysis pinpoints a novel contagion mechanism marked by diminished confidence in bank bailouts, which accounts for the subsequent collapse of several other small banks. However, the erosion of confidence in government guarantees enhances price efficiency and credit allocation while discouraging risk taking among small banks.
科研通智能强力驱动
Strongly Powered by AbleSci AI