硅谷银行后：2023年的银行业压力

Edited byViral V. AcharyaMathew P. RichardsonKermit L. SchoenholtzBruce Tuckman SVB and Beyond: TheBanking Stress of 2023 CEPR PRESS Centre for Economic Policy Research187 boulevard Saint-Germain | 75007, Paris, France33 Great Sutton Street | London, EC1V 0DX, UK Web: www.cepr.org ISBN: 978-1-912179-76-3 Rapid Response Economics Series, Copyright © CEPR Press, 2023. WITH SUPPORT OF CEPR PARIS FOUNDING PARTNERS SVB and Beyond: The Banking Stressof 2023 Editors: Viral Acharya,New York University, Stern School of Business, and CEPRMathew P. Richardson,New York University, Stern School of BusinessKermit L. Schoenholtz,New York University, Stern School of Business, and CEPRBruce Tuckman,New York University, Stern School of Business Contributing Authors Viral V. Acharya,New York University, Stern School of Business, and CEPRRichard Berner,New York University, Stern School of BusinessStephen G. Cecchetti,Brandeis International Business School and CEPRSehwa Kim,Columbia Business SchoolSeil Kim,Zicklin School of Business, Baruch College, New YorkThomas Philippon,New York University, Stern School of Business, and CEPRMatthew P. Richardson,New York University, Stern School of BusinessStephen G. Ryan,New York University, Stern School of BusinessAlexi Savov,New York University, Stern School of BusinessPhilipp Schnabl,New York University, Stern School of Business, and CEPRKermit L. Schoenholtz,New York University, Stern School of Business, and CEPRBruce Tuckman,New York University, Stern School of BusinessLawrence J. White,New York University, Stern School of Business CENTRE FOR ECONOMIC POLICY RESEARCH (CEPR) The Centre for Economic Policy Research (CEPR) is a network of over 1,700 research economistsbased mostly in European universities. The Centre’s goal is twofold: to promote world-classresearch, and to get the policy-relevant results into the hands of key decision-makers. CEPR’sguiding principle is ‘Research excellence with policy relevance’. It was founded in the UK in1983, where it is a Charity, and in November 2019 CEPR initiated the creation of an Associationunder French law, in order to provide a vehicle for an expansion in France. The members of theConseil d’Administration of the Association are identical to the UK Board of Trustees. CEPR is independent of all public and private interest groups. It takes no institutional stand oneconomic policy matters and its core funding comes from its Institutional Members, projectsthat it runs and sales of publications. Because it draws on such a large network of researchers,its output reflects a broad spectrum of individual viewpoints as well as perspectives drawnfrom civil society. CEPR research may include views on policy, but the Trustees/members ofthe Conseil d’Administration of the Association do not give prior review to its publications.The opinions expressed in this report are those of the authors and not those of CEPR. This document was created by a team of faculty from the NYU Stern School of Business, andincludes contributions from several non-NYU colleagues. This version was completed on July 3, 2023. Copyright © 2023 by the Volatility and Risk Institute of New York University Stern School ofBusiness This work is licensed under the Creative Commons 4.0 Attribution-NonCommercial license. To view a copy of the license, visit:https://creativecommons.org/licenses/by-nc/4.0/ NYU Stern thank Judy DiClemente for superbly editing the manuscript, Andrea Spaar forexcellent design and production work, and Quirin Fleckenstein and Stefano Pastore for diligentproof-reading and research assistance. This report reflects the opinions of the authors, not ofthe NYU Stern School of Business. Contents Prelude vii Part I: The Banking Stress of 2023 1Overview of Recent Banking Stress1Viral V. Acharya, Stephen G. Cecchetti and Kermit L. Schoenholtz 2Underlying Macroeconomic Causes of Recent Banking Stress14Viral V. Acharya, Stephen G. Cecchetti, Kermit L. Schoenholtz,and Lawrence J. White 3Banks, Interest Rate Risk and Systemic Risk - Theoreticaland Historical Perspectives33Matthew P. Richardson, Alexi Savov and Philipp Schnabl 4Silicon Valley Bank: Failures in “Detective” and “Punitive”Supervision Far Outweighed the 2019 Tailoring of Preventive Supervision70Bruce Tuckman 5Evaluation of the Policy Response: On the Resolution ofSilicon Valley Bank, Signature Bank, and First Republic Bank94Richard Berner, Kermit L. Schoenholtz, and Lawrence J. White Part II: Proposals for Reform 6Restoring Confidence in the Banking System witha Stagflation Stress Test110Viral V. Acharya 7Expanding Mark-to-Market Accounting for Banks’ Debt InvestmentSecurities and Regulatory Capital127Sehwa Kim, Seil Kim, and Stephen G. Ryan 8Revisiting the Design of Deposit Insurance148Stephen G. Cecchetti, Thomas Philippon, Kermit L. Schoenholtz,and Lawrence J. White 9The FHLB Role in the SVB and Related Debacles173Stephen G. Cecchetti, Kermit L. Schoenholtz, and Lawrence J. White 10