摘要：Banks individually optimize their liquidity risk management,
often neglecting the externalities generated by their
choices on the overall risk of the financial system. However,
banks may have incentives to optimize their choices not strictly
at the individual level, but engaging instead in collective risktaking
strategies. In this paper we look for evidence of such
behaviors in the run-up to the global financial crisis. We find
strong and robust evidence of peer effects in banks’ liquidity
risk management. This suggests that incentives for collective
risk-taking play a role in banks’ choices, thus calling for a
macroprudential approach to liquidity regulation.
