We propose a model of the financial system in which banks are individually prone to runs and connected through fire sales. Strategic complementarities within and across banks amplify each other, making heterogeneity in bank risks a key factor shaping the fragility of each bank and the entire system. As long as different banks are interconnected, an increase in heterogeneity stabilizes all banks. Reductions in asset commonality, bank-specific disclosures, and even broad-based policies such as asset purchases and liquidity requirements can enhance stability by increasing bank heterogeneity.

中文翻译：

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银行异质性和金融稳定性


我们提出了一个金融系统模型，在该模型中，银行单独容易出现挤兑并通过减价销售联系在一起。银行内部和银行之间的战略互补性相互放大，使银行风险的异质性成为塑造每家银行和整个系统脆弱性的关键因素。只要不同的 bank 相互连接，异构性的增加就可以稳定所有 bank。减少资产共性、银行特定的披露，甚至是资产购买和流动性要求等基础广泛的政策，都可以通过增加银行异质性来增强稳定性。