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1、AmericanEconomicReview:Papers&Proceedings2010,100:2,46–50http://www.aeaweb.org/articles.php?doi=10.1257/aer.100.2.46†BankingandSecuritization AssetFireSalesandCreditEasingByAndreiShleiferandRobertW.Vishny*InaJanuary2009lectureonthefinancialYetsecuritizationistooprofitableforbankstocrisis,
2、FederalReserve(Fed)ChairmanBenS.holdback,andtheyexpandtheirbalancesheetsBernanke(Bernanke2009)advocatedanewandleveragetothemaximumthatcapitalmar-Fedpolicyofcrediteasing,definedasacom-ketswouldallow,acceptingtheriskoffiresales.binationoflendingtofinancialinstitutions,Whenfiresalesdrivedown
3、thepricesofprovidingliquiditydirectlytokeycreditmar-assetsservingascollateral,theequityofthekets,andbuyingoflongtermsecurities.ThebanksiswipedoutastheyseektomaintaintheirpurchasebytheFedofriskysecurities,includ-holdings,sotheycannotborrowmoreinprivateingmortgagesandbondsofthegovernment-ma
4、rkets.Becauseassetpricesaredislocated,sponsoredenterprises,mayseemcontroversial.banksstrictlyprefertomaintaintheirpositionsYetBernanke’sanalysisandrecommendationsinsecuritiesorevenaddtotheirholdingstothecanbenaturallyconsideredinamodelrelyingextenttheycan.Suchspeculationcomesattheontwomec
5、hanisms:1)firesalesreduceassetexpenseoffundingnewprojects,whichcan-pricesbelowfundamentalvalues,and2)finan-notmatchthereturnsondistressedsecurities.cialinstitutionspreferspeculationtonewlend-Becauseefficientprojectsarenotfinancediningwhenmarketsaredislocated.Weofferedsuchacrisis,thereisro
6、omforexpostgovern-suchamodelof“unstablebanking”inAndreimentintervention,includingcrediteasing,toShleiferandRobertW.Vishny(2009),andhereimproveefficiency.reviewandrelateittoBernanke’sviews.Howdoessuchinterventionwork?TheThemodelofunstablebankingfocusesonproblemhereisnotjustliquidityshortag
7、esofwhatGaryB.GortonandAndrewMetrickfinancialintermediaries.Whenbanksareliqui-(2009)callsecuritizedlending,wherebyfinan-datingcollateralandassetpricesaredislocated,cialintermediariesmakeloanstotherealsectortheinjectionofnewcapitalintobanks,eitherbutthensecuritizeand
