Banks’ funding sources have changed significantly during the last two decades. The share of non-core funding (NCF) was high before the 2008 crisis but declined substantially after the crisis. We propose a general equilibrium model where NCF provides insurance against idiosyncratic risks faced by banks. Insurance makes leverage and investment more attractive, but it also increases the vulnerability of the banking sector to crises. We show that learning about the likelihood of a crisis could have been important for generating the observed dynamics of NCF and leverage, which in turn affected the dynamics of the macro-economy.

中文翻译：

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银行的资金，杠杆和投资

在过去的二十年中，银行的资金来源发生了巨大变化。非核心资金（NCF）的份额在2008年危机之前居高不下，但在危机之后却大幅下降。我们提出了一个一般均衡模型，其中NCF为银行面临的特殊风险提供保险。保险使杠杆和投资更具吸引力，但同时也增加了银行业面对危机的脆弱性。我们表明，了解危机的可能性对于产生观察到的NCF和杠杆的动态可能是重要的，而这反过来又影响了宏观经济的动态。