期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2016
出版社：European Central Bank
摘要：We develop a model where banks invest in reserves and loans, and trade loans on the interbank marketto deal with liquidity shocks. Two types of equilibria emerge, depending on the degree of credit marketcompetition and the level of aggregate liquidity risk. In one equilibrium, all banks keep enough reservesand remain solvent. In the other, some banks default with positive probability. The latter equilibriumexists when competition is not too intense and high liquidity shocks are not too likely. The model deliversseveral implications concerning the severity of crises and credit availability along the business cycle.
