Deposit flows and the January effect in deposit rates

IF 16.4 1区化学 Q1 CHEMISTRY, MULTIDISCIPLINARY

Accounts of Chemical Research Pub Date : 2024-08-28 DOI:10.1111/jfir.12430

Vladimir Kotomin, Artem Meshcheryakov

引用次数: 0

Abstract

Noninterest‐bearing deposits (NIBDs) flow out of U.S. banks in January and February. Banks respond to this seasonal outflow by increasing interest‐bearing deposit (IBD) rates. We document that branch‐level deposit spreads are 4 to 11 basis points higher in January than in December. Increasing rates works as banks replace four‐fifths of the lost NIBDs with IBDs. We also find that, following NIBD outflows, banks resist cutting lending but pass the increases in the cost of funds onto borrowers. Banks do cut lending in response to total deposit outflows, but only in the pre‐crisis period.

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存款流量和存款利率的一月效应

1 月和 2 月，无息存款（NIBD）从美国银行流出。银行通过提高计息存款（IBD）利率来应对这种季节性外流。根据我们的记录，1 月份分行一级的存款利差比 12 月份高出 4 到 11 个基点。由于银行用 IBD 取代了五分之四流失的 NIBD，因此提高利率起到了作用。我们还发现，在无担保银行同业拆借资金流出后，银行会抵制削减贷款，但会将资金成本的增加转嫁给借款人。银行确实会因总存款外流而削减贷款，但仅限于危机前时期。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Accounts of Chemical Research 化学-化学综合

CiteScore

31.40

自引率

1.10%

发文量

312

审稿时长

2 months

期刊介绍： Accounts of Chemical Research presents short, concise and critical articles offering easy-to-read overviews of basic research and applications in all areas of chemistry and biochemistry. These short reviews focus on research from the author’s own laboratory and are designed to teach the reader about a research project. In addition, Accounts of Chemical Research publishes commentaries that give an informed opinion on a current research problem. Special Issues online are devoted to a single topic of unusual activity and significance. Accounts of Chemical Research replaces the traditional article abstract with an article "Conspectus." These entries synopsize the research affording the reader a closer look at the content and significance of an article. Through this provision of a more detailed description of the article contents, the Conspectus enhances the article's discoverability by search engines and the exposure for the research.