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uidity requirements push the default threshold of the bank up from the unregulated level s∗0 defined in Eq
Additionally, the decrease in the optimal level of excess liq- uid reserves and the increase in the default threshold im- ply that banks subject to liquidity requirements are gener- ally closer to their default threshold, which suggests that the imposition of a liquidity requirement makes default events more frequent.
Default threshold s∗0 −0.576
Default threshold s∗0 −0.613
Lastly, consistent with Proposition 4, Panel B of Fig. 3 shows that both the target level of reserves and the default threshold grow linearly with the regulatory amount of liquid reserves as long as refinancing is optimal.
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