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1、BANKLIQUIDITYCREATION, FINANCIALCRISES,ANDPOLICYACTIONSAllenN.Berger UniversityofSouthCarolinaWhartonFinancialInstitutionsCenterCentER,TilburgUniversityPresentationattheSouthernFinanceAssociationMeetingsKeyWest,November2011WHATISBANKLIQUIDITYCREATION?Consideraworldwithoutbanks.Anuntradedsteelcompan
2、yneeds$10milliontobuildanewmill.Tofinancethis,thepublicmustholdanilliquidlong-term$10millionsecurityorthefirmgoesunfunded.Enterbanks:Abankmakestheloanandfinancesitwithtransactionsdeposits.Thebankhascreatedliquidity.Ithastakensomethingilliquidawayfromthepublic(long-termilliquidloan)andgiventhepublic
3、somethingliquid(short-termtransactionsdeposits).Thisisoneoftheprimaryfunctionsofbanks–creatingliquiditybytransformingilliquidassetsintoliquidliabilities.Banksalsocreateliquidityoffthebalancesheet.Underaloancommitment,acustomercangetcashalmostaseasilyaswithatransactionsdeposit.2WHYISBANKLIQUIDITYCRE
4、ATIONACRUCIALCONCEPT?Beyondbanking,liquiditycreationisveryimportanttothemacroeconomyasawhole.Lending,loancommitments,andliquiddepositsareallkeytogreasingthewheelsofcommerce,withoutwhichwewouldhaveverylittleeconomicactivity.Changesinbankliquiditycreationareapotentiallyimportanttoolofmonetarypolicy.B
5、ankliquiditycreationhelpskeepfinancialcrisesfromgettingoutofcontrol.Whenfinancialmarketsfreezeupduringacrisis,participantsoftendrawdowntheirloancommitments,whichkeepsilliquidfirmsfrombecominginsolvent.Intherecentcrisis,allofthebiginvestmentbanksfacedliquidityproblemsandeitherfailed,weremergedwithba
6、nks,orbecamebankholdingcompaniestogainaccesstoliquidity.3MOSTRESEARCHONBANKLIQUIDITYCREATIONISTHEORETICAL…untilBergerandBouwman(“BankLiquidityCreation,”RFS2009)introducedacomprehensivemeasureofbankliquiditycreation.Value-addedofourmeasure:Formacroeconomicresearch:Itquantifiesanimportantfunctionofba
7、nksintheeconomyandatoolofmonetarypolicy.Forresearchonfinancialcrises:Toomuchbankliquiditycreationmaycausefinancialcrisesandtoolittlebankliquiditycreationmayexacerbatethem.Forbankingresearch:Liquiditycreatio
