2023年美國銀行危機之個案分析

Abstract

2023年3月，Silvergate Bank、Silicon Valley Bank和Signature Bank相繼陷入危機，引發民眾的擠兌潮，最終皆於同月倒閉。3月的倒閉潮一度引起市場恐慌，深怕金融海嘯是否再次席捲而來，為了遏止危機蔓延至整個金融體系，FDIC即時出手接管，並試圖將傷害降至最低。

本論文藉由個案研究的方法，分析上述銀行之倒閉過程，並試圖從總體環境、公司治理和法規監管三個構面探討倒閉原因，其中發現三家銀行倒閉過程和原因其實高度相似。三家銀行的商業模式都是建立在溫和利率政策的前提，所以高度依賴未擔保存款，甚至將此類型存款投入長天期債券，然而，當聯準會突然大幅升息、存款快速流出、債券價格暴跌時，這些銀行只能賠售債券資產以提高流動準備，但最終仍不及民眾擠兌的速度，被迫倒閉。

本論文亦透過研究銀行之評鑑紀錄，發現除了銀行風險控管的問題外，法規和監管過於寬鬆亦是造成倒閉潮的主因。自「經濟成長、法規鬆綁及消費者保護法」(EGRRCPA)通過後，放寬許多針對中小銀行的管制，監管人員亦連帶放鬆對銀行的要求，導致銀行既有的問題都未能被即時解決，最終都成為壓倒駱駝的一根根稻草。

In March 2023, Silvergate Bank, Silicon Valley Bank, and Signature Bank successively fell into crisis. The bankruptcy wave in March briefly sparked market panic. To prevent the crisis from spreading throughout the entire financial system, the FDIC promptly intervened and attempted to minimize the damage. This paper uses a case study approach to analyze the closure process, and attempts to explore the reasons for their closure from three dimensions: macro environment, corporate governance, and regulatory supervision. It was found that the closure processes and reasons for the three banks were highly similar. Their business models were all built on the premise of a moderate interest rate policy, so they heavily relied on uninsured deposits, and even invested such deposits in long-term bonds. However, when the Federal Reserve suddenly raised interest rates, deposits quickly flowed out, and bond prices plummeted. These banks could only sell bond at a loss to increase liquidity, but ultimately could not match the speed of depositor withdrawals, forcing them to close. This paper also found that overly loose regulations and supervision were also major causes of the bankruptcy wave. Since the passage of EGRRCPA, many regulations on smaller banks have been relaxed, and regulators have also relaxed their requirements for those banks, leading to existing problems in banks not being addressed in a timely manner.