Deposit insurance pricing and monetary policy transmission

IF 4.7 2区经济学 Q1 ECONOMICS

Economic Modelling Pub Date : 2025-09-25 DOI:10.1016/j.econmod.2025.107318

Steve Billon , Natalia Andries

引用次数: 0

Abstract

This paper provides a theoretical model that examines the effect of deposit insurance pricing on the transmission of monetary policy. Banks operate in an environment of monopolistic competition and face uncertain returns on firms’ investment projects. A deposit insurance scheme allows for mispricing relative to the fair premium, whereby under- or overpricing has an implicit subsidy or tax effect on deposits. Mispricing in deposit insurance shifts household portfolio allocation between bonds and bank deposits and creates externalities on monetary policy transmission on bank deposits, loans, bonds, and their respective interest rates. The distortion increases when the coverage of deposit insurance is extended. Conversely, fair pricing ensures the neutrality of deposit insurance on interest rate pass-through.

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存款保险定价与货币政策传导

本文提供了一个理论模型来检验存款保险定价对货币政策传导的影响。银行在垄断竞争的环境中运作，面临企业投资项目的不确定回报。存款保险计划允许相对于公平溢价的错误定价，因此定价过低或过高会对存款产生隐性补贴或税收影响。存款保险的错误定价改变了家庭投资组合在债券和银行存款之间的配置，并对银行存款、贷款、债券及其各自利率的货币政策传导产生了外部性。当存款保险的覆盖范围扩大时，这种扭曲就会加剧。相反，公平定价确保了存款保险对利率传递的中立性。

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

Economic Modelling ECONOMICS-

CiteScore

8.00

自引率

10.60%

发文量

295

期刊介绍： Economic Modelling fills a major gap in the economics literature, providing a single source of both theoretical and applied papers on economic modelling. The journal prime objective is to provide an international review of the state-of-the-art in economic modelling. Economic Modelling publishes the complete versions of many large-scale models of industrially advanced economies which have been developed for policy analysis. Examples are the Bank of England Model and the US Federal Reserve Board Model which had hitherto been unpublished. As individual models are revised and updated, the journal publishes subsequent papers dealing with these revisions, so keeping its readers as up to date as possible.