A lending boom is re‡ected in the composition of bank liabilities when traditional retail deposits (core liabilities) cannot keep pace with
asset growth and banks turn to other funding sources (non-core liabil-ities) to …nance their lending. We formulate a model of credit supply as the ‡ip side of a credit risk model where a large stock of non-core liabilities serves as an indicator of the erosion of risk premiums and hence of vulnerability to a crisis. We …nd supporting empirical evi- dence in a panel probit study of emerging and developing economies.
Keywords: Currency crises, credit booms, cross-border banking
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[2013년 제 2차] Non-Core Bank Liabilities and Financial Vulnerabili
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2013-06-05
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