As a component of the liquidity requirements of Basel III, the Net Stable Funding Ratio ( NSFR ) seeks to limit the maturity transformation of banks. This paper examines whether the NSFR affects the inefficient precautionary liquidity hoarding of banks and the stability of interbank markets. Based on Acharya and Skeie (2011), the model introduces regulation into a two-period framework with asymmetric information and stochastic credit risk. As a result, due to regulatory costs, the NSFR increases the bid-ask spread on the interbank market. The effects depend strongly on the quality and the forbearance of the regulator. High-quality supervision counters the precautionary liquidity hoarding of banks resulting from asymmetric information, thereby decreasing market failure.

中文翻译：

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净稳定资金比率和流动资金Ho积

作为《巴塞尔协议三》流动性要求的组成部分，净稳定资金比率（ NSFR ）试图限制银行的到期日转换。本文研究了 NSFR是否 会影响效率低下的银行预防性流动性ho积 和银行间市场的稳定性。该模型基于Acharya和Skeie（2011），将监管引入具有非对称信息和随机信贷风险的两阶段框架。结果，由于监管成本， NSFR 增加银行间市场的买卖价差。效果很大程度上取决于调节器的质量和承受能力。高质量的监管可以应对由于信息不对称而导致的银行预防性流动资金ity积，从而减少市场失灵。