The Interbank Market after August 2007: What Has Changed, and Why?
The Interbank Market after August 2007: What Has Changed, and Why?
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2007 年 8 月之后的银行间市场：发生了什么变化，为什么？
DOI：
10.2139/ssrn.1601845
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发表时间：
2009
期刊：
影响因子：
--
通讯作者：
Cristina Picillo
中科院分区：
文献类型：
--
作者：
P. Angelini;Andrea Nobili;Cristina Picillo
金融危机爆发的同时，全球银行间利率大幅上升。我们分析了这一现象的微观和宏观决定因素，发现在2007年8月之前，银行间同业拆借利率对借款人的特征不敏感，而在2007年8月之后，它们变成了对借款人信用状况的反应。与此同时，无论是在雷曼兄弟倒闭之前还是之后，大额借款人的条件都变得相对有利。这表明，银行在放贷方面已变得更加挑剔，这是一个可喜的变化，但与“大到不能倒”论点相关的道德风险考量，仍应是各国央行的主要担忧。
The outbreak of the financial crisis coincided with a sharp increase of worldwide interbank interest rates. We analyze the micro and macroeconomic determinants of this phenomenon, finding that before August 2007 interbank rates were insensitive to borrower characteristics, whereas afterwards they became reactive to borrowersi?½ creditworthiness. At the same time, conditions for large borrowers became relatively more favorable, both before and after the failure of Lehman Brothers. This suggests that banks have become more discerning in their lending, a welcome change, but that moral hazard considerations related to the i?½too big to faili?½ argument should remain a main concern for central banks.