Abstract

In March 2020, banks faced the largest increase in liquidity demands ever observed. Firms drew funds on a massive scale from preexisting credit lines in anticipation of cash flow and financial disruptions stemming from the advent of the COVID-19 crisis. The increase in liquidity demands was concentrated at the largest banks, who serve the largest firms. Precrisis financial condition did not constrain large banks’ liquidity supply. Coincident inflows of funds from both the Federal Reserve’s liquidity injection programs and depositors, along with strong preshock bank capital, explain why banks were able to accommodate these liquidity demands. (JEL G21, G28)Received June 7, 2020; editorial decision June 23, 2020 by Editor Isil Erel.

中文翻译：

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银行作为首选贷款人：来自COVID-19危机的证据

摘要

2020年3月，银行面临的有史以来最大的流动性需求增长。为了预测由于COVID-19危机的来临而产生的现金流和财务中断，公司从先前的信贷额度中大规模提取了资金。流动性需求的增加集中在为最大的公司服务的最大的银行。危机前的财务状况并未限制大型银行的流动性供应。美联储的流动性注入计划和储户的资金同时流入，加上强劲的震荡银行资本，解释了为什么银行能够满足这些流动性需求。（JEL G21，G28）于2020年6月7日收到；编辑决定由Isil Erel于2020年6月23日作出。