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‘Invest!’: Liberty bonds and stock ownership over the twentieth century “投资!：二十世纪的自由债券和股票所有权
IF 3.7 1区 经济学
Journal of Financial Intermediation Pub Date : 2025-10-01 DOI: 10.1016/j.jfi.2025.101179
Gillian Brunet , Eric Hilt , Matthew Jaremski
{"title":"‘Invest!’: Liberty bonds and stock ownership over the twentieth century","authors":"Gillian Brunet ,&nbsp;Eric Hilt ,&nbsp;Matthew Jaremski","doi":"10.1016/j.jfi.2025.101179","DOIUrl":"10.1016/j.jfi.2025.101179","url":null,"abstract":"<div><div>The Liberty Bond drives of World War I were nation-wide interventions aimed at increasing financial literacy and associating bond ownership with patriotism. Using data from the first year of the Survey of Consumer Finances, 1947, through 1971, we investigate whether exposure to the drives shaped investing behavior over the long run. We find that households residing in counties that had high Liberty Bond participation had greater stock and bond ownership rates in later decades, and held more favorable opinions towards retirement saving and stock investment. These effects are present only among cohorts actually exposed to the bond drives, and not among younger cohorts in the same counties, and are robust to an instrumental variables specification that takes advantage of differences in the way the bond drives were conducted. Our estimates imply that household stock ownership rates would have been about 21 % lower in the late 1960s if the bond drives had not been conducted.</div></div>","PeriodicalId":51421,"journal":{"name":"Journal of Financial Intermediation","volume":"64 ","pages":"Article 101179"},"PeriodicalIF":3.7,"publicationDate":"2025-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145195803","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Value creation and stability in financial services: How should we regulate banks? 金融服务的价值创造与稳定：我们应该如何监管银行？
IF 3.7 1区 经济学
Journal of Financial Intermediation Pub Date : 2025-07-01 DOI: 10.1016/j.jfi.2025.101169
Jan Pieter Krahnen , Ted Lindblom , Deborah Lucas , Magnus Olsson , Paolo Fulghieri , Anjan Thakor
{"title":"Value creation and stability in financial services: How should we regulate banks?","authors":"Jan Pieter Krahnen ,&nbsp;Ted Lindblom ,&nbsp;Deborah Lucas ,&nbsp;Magnus Olsson ,&nbsp;Paolo Fulghieri ,&nbsp;Anjan Thakor","doi":"10.1016/j.jfi.2025.101169","DOIUrl":"10.1016/j.jfi.2025.101169","url":null,"abstract":"<div><div>This paper is based on a panel discussion at the international bank conference on <em>Frontier Risks, Financial Innovation and Prudential Regulation of Banks</em> in Gothenburg, Sweden, June 2–4, 2024. The panelists were Deborah Lucas, Jan Pieter Krahnen, and Magnus Olsson, with Ted Lindblom moderating. This paper contains the panel presentations, along with a unifying discussion by Paolo Fulghieri and Anjan Thakor. The main themes in the paper focus on how society should balance costs and benefits in designing the prudential regulation of banks. Optimal regulation should take into account how banks and markets interact, the dangers of both under-regulation that spawns excessive risk-taking and over-regulation that depresses value-enhancing innovation in financial services, the somewhat fragmented nature of national-sovereignty-constrained European banking and financial markets regulation relative to bank regulation in the US, and how prudential regulation can be improved by more explicitly dealing with interest rate risk.</div></div>","PeriodicalId":51421,"journal":{"name":"Journal of Financial Intermediation","volume":"63 ","pages":"Article 101169"},"PeriodicalIF":3.7,"publicationDate":"2025-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144852122","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Financial regulatory cycles: A political economy model 金融监管周期：一个政治经济学模型
IF 3.7 1区 经济学
Journal of Financial Intermediation Pub Date : 2025-07-01 DOI: 10.1016/j.jfi.2025.101164
Pooya Almasi , Jihad Dagher , Carlo Prato
{"title":"Financial regulatory cycles: A political economy model","authors":"Pooya Almasi ,&nbsp;Jihad Dagher ,&nbsp;Carlo Prato","doi":"10.1016/j.jfi.2025.101164","DOIUrl":"10.1016/j.jfi.2025.101164","url":null,"abstract":"<div><div>A historical look at financial boom-bust cycles shows that pro-cyclicality in financial regulation is a common and recurring pattern. This paper shows that inefficient regulatory cycles can naturally arise when electoral concerns are introduced into a simple model of financial intermediation. We explore how financial innovations, public opinion and policymakers’ incentives shape financial regulation within this framework. We show that in the presence of incompetent politicians, competent politicians take regulatory risks to signal their competence. This amplifies the influence of public opinion on policy, leading to an <em>ex ante</em> inefficient pro-cyclicality in financial regulation.</div></div>","PeriodicalId":51421,"journal":{"name":"Journal of Financial Intermediation","volume":"63 ","pages":"Article 101164"},"PeriodicalIF":3.7,"publicationDate":"2025-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144724653","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Why DeFi lending? Evidence from Aave V2 为什么是DeFi贷款？来自Aave V2的证据
IF 3.7 1区 经济学
Journal of Financial Intermediation Pub Date : 2025-07-01 DOI: 10.1016/j.jfi.2025.101166
Giulio Cornelli , Leonardo Gambacorta , Rodney Garratt , Alessio Reghezza
{"title":"Why DeFi lending? Evidence from Aave V2","authors":"Giulio Cornelli ,&nbsp;Leonardo Gambacorta ,&nbsp;Rodney Garratt ,&nbsp;Alessio Reghezza","doi":"10.1016/j.jfi.2025.101166","DOIUrl":"10.1016/j.jfi.2025.101166","url":null,"abstract":"<div><div>Decentralised finance (DeFi) lending protocols have experienced significant growth recently, yet the motivations driving investors remain largely unexplored. We use granular, transaction-level data from Aave, a leading player in the DeFi lending market, to study these motivations. Our theoretical and empirical findings reveal that the search for yield predominantly drives liquidity provision in DeFi lending pools, whereas borrowing activity is mainly influenced by speculative and, to some extent, governance motives. Both retail and large investors seek potential high returns through market movements and price speculation, however the latter engage in DeFi borrowing relatively more than the former also to influence protocol decisions and accrue more significant governance rights.</div></div>","PeriodicalId":51421,"journal":{"name":"Journal of Financial Intermediation","volume":"63 ","pages":"Article 101166"},"PeriodicalIF":3.7,"publicationDate":"2025-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144852123","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Anticipating binding constraints: An analysis of debt covenants 预期约束：债务契约分析
IF 3.1 1区 经济学
Journal of Financial Intermediation Pub Date : 2025-07-01 DOI: 10.1016/j.jfi.2025.101160
Ken Teoh
{"title":"Anticipating binding constraints: An analysis of debt covenants","authors":"Ken Teoh","doi":"10.1016/j.jfi.2025.101160","DOIUrl":"10.1016/j.jfi.2025.101160","url":null,"abstract":"<div><div>This paper shows that anticipation can meaningfully impact inferences about the effects of covenant violations. Using textual analysis of SEC filings and earnings call transcripts, I construct a measure of covenant concerns that identifies instances where firms disclose forward-looking risks related to their debt covenants. On average, nearly 30 percent of U.S. non-financial firms report covenant concerns each year. While the real effects of covenant violations are robust for most outcomes, the estimated impact of some variables, including cash acquisitions, default risk, and credit line availability, can be overstated. This finding highlights the importance of selection around violation: firms that anticipate and successfully avoid violations differ systematically from firms that fail to avoid them.</div></div>","PeriodicalId":51421,"journal":{"name":"Journal of Financial Intermediation","volume":"63 ","pages":"Article 101160"},"PeriodicalIF":3.1,"publicationDate":"2025-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144549218","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Adverse selection in deposit insurance and government funding following the 2023 banking crisis 2023年银行业危机后存款保险和政府融资的逆向选择
IF 3.1 1区 经济学
Journal of Financial Intermediation Pub Date : 2025-07-01 DOI: 10.1016/j.jfi.2025.101165
David A. Huberdeau-Reid , George G. Pennacchi
{"title":"Adverse selection in deposit insurance and government funding following the 2023 banking crisis","authors":"David A. Huberdeau-Reid ,&nbsp;George G. Pennacchi","doi":"10.1016/j.jfi.2025.101165","DOIUrl":"10.1016/j.jfi.2025.101165","url":null,"abstract":"<div><div>We examine whether U.S. banks whose uninsured deposits were subject to greater risk of loss prior to the March 2023 banking crisis used institutional mechanisms to expand their deposit insurance or accessed government funding after the crisis. We construct a bank-level measure of pre-crisis uninsured depositor risk incorporating financial statements, unrealized security losses, and estimates of unrealized loan losses that predicts a bank’s post-crisis loss of uninsured deposits. We find that riskier small and midsize banks tended to utilize reciprocal, sweep, and brokered deposits, but not listing service deposits, to attract more insured deposits. Riskier small and midsize banks temporarily accessed FHLB advances while only risky midsize banks borrowed from the Discount Window. Risk did not predict banks’ use of Fed BTFP funding. Riskier banks, particularly small and midsize ones, paid relatively higher interest rates on many types of deposits.</div></div>","PeriodicalId":51421,"journal":{"name":"Journal of Financial Intermediation","volume":"63 ","pages":"Article 101165"},"PeriodicalIF":3.1,"publicationDate":"2025-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144670982","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Effects of bank capital requirements on lending by banks and non-bank financial institutions 银行资本要求对银行和非银行金融机构贷款的影响
IF 3.7 1区 经济学
Journal of Financial Intermediation Pub Date : 2025-07-01 DOI: 10.1016/j.jfi.2025.101167
Peter Bednarek , Olga Briukhova , Steven Ongena , Natalja v. Westernhagen
{"title":"Effects of bank capital requirements on lending by banks and non-bank financial institutions","authors":"Peter Bednarek ,&nbsp;Olga Briukhova ,&nbsp;Steven Ongena ,&nbsp;Natalja v. Westernhagen","doi":"10.1016/j.jfi.2025.101167","DOIUrl":"10.1016/j.jfi.2025.101167","url":null,"abstract":"<div><div>What is the impact of a sudden and sizeable increase in bank capital requirements on the lending activity by directly affected banks and by non-affected non-bank financial institutions (NBFIs)? To answer this question, we apply a difference-in-differences methodology around the capital exercise by the European Banking Authority (EBA) in 2011 with German credit register data. We find that insurance companies, financial enterprises, and factoring companies — but not leasing companies or very large NBFIs — and Non-EBA banks expand their corporate lending relative to EBA banks. In particular, NBFIs use the opportunity to expand their credit activities, in riskier and more competitive borrower segments.</div></div>","PeriodicalId":51421,"journal":{"name":"Journal of Financial Intermediation","volume":"63 ","pages":"Article 101167"},"PeriodicalIF":3.7,"publicationDate":"2025-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144724654","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Open data and API adoption of U.S. banks 美国银行的开放数据和API采用
IF 3.1 1区 经济学
Journal of Financial Intermediation Pub Date : 2025-06-19 DOI: 10.1016/j.jfi.2025.101162
Xiangyu Lin , S. Sarah Zhang , Markos Zachariadis
{"title":"Open data and API adoption of U.S. banks","authors":"Xiangyu Lin ,&nbsp;S. Sarah Zhang ,&nbsp;Markos Zachariadis","doi":"10.1016/j.jfi.2025.101162","DOIUrl":"10.1016/j.jfi.2025.101162","url":null,"abstract":"<div><div>Bank adoption of external application programming interfaces (APIs) enables bank customers to share their data more efficiently and securely with other third-party financial institutions and FinTechs, thus enabling open banking and bank data portability. Analyzing determinants of API adoption by U.S. banks from 2007 to 2022, we show that banks that adopt APIs tend to be larger and face lower competitive pressures. The announcement of President Biden’s executive order in July 2021 encouraged increased bank data portability and led to an acceleration in bank API adoption. Banks that adopt APIs experience an increase in Return on Assets (<em>ROA</em>) and <em>Tobin’s Q</em> and a decrease in loan loss provisions, particularly after President Biden’s executive order. We find that APIs’ ability to facilitate data access and sharing improves bank information flows and supports banks’ loan and deposit services which form the foundation of notable improvements in bank performance. Overall, our results on the determinants and implications of API adoption have important policy implications for the discussion on open banking regulation and bank data portability.</div></div>","PeriodicalId":51421,"journal":{"name":"Journal of Financial Intermediation","volume":"63 ","pages":"Article 101162"},"PeriodicalIF":3.1,"publicationDate":"2025-06-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144321246","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Lending relationships and access to currency hedging: Evidence from Brazil 贷款关系和获取货币对冲的途径：来自巴西的证据
IF 3.1 1区 经济学
Journal of Financial Intermediation Pub Date : 2025-06-14 DOI: 10.1016/j.jfi.2025.101153
Sergio Leão , Rafael Schiozer , Raquel F. Oliveira , Gustavo Araujo
{"title":"Lending relationships and access to currency hedging: Evidence from Brazil","authors":"Sergio Leão ,&nbsp;Rafael Schiozer ,&nbsp;Raquel F. Oliveira ,&nbsp;Gustavo Araujo","doi":"10.1016/j.jfi.2025.101153","DOIUrl":"10.1016/j.jfi.2025.101153","url":null,"abstract":"<div><div>Firms’ currency exposure can lead to financial distress and macroeconomic instability. Over-the-counter (OTC) derivatives provided by financial institutions are the primary risk management tool for nonfinancial firms. However, the role of financial institutions in providing these derivatives remains underexplored in the literature. Using novel loan and derivatives microdata, we examine how lending relationships influence access to foreign exchange (FX) OTC derivatives. We find that firms are more likely to trade derivatives with their lending relationship banks than with other banks, with a stronger preference for their main lender. These effects are more pronounced for small firms and first-time derivatives users, highlighting how lending relationships reduce informational and search costs, thereby facilitating access to hedging. Additionally, derivatives prices are lower when traded with the firms’ main lender and lenders providing loans in foreign currency, indicating that banks encourage hedging to reduce risks in their loan portfolios.</div></div>","PeriodicalId":51421,"journal":{"name":"Journal of Financial Intermediation","volume":"63 ","pages":"Article 101153"},"PeriodicalIF":3.1,"publicationDate":"2025-06-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144470008","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Credit and entrepreneurs’ income 信贷和企业家的收入
IF 3.1 1区 经济学
Journal of Financial Intermediation Pub Date : 2025-06-11 DOI: 10.1016/j.jfi.2025.101161
Manthos Delis , Fulvia Fringuellotti , Maria Iosifidi , Steven Ongena
{"title":"Credit and entrepreneurs’ income","authors":"Manthos Delis ,&nbsp;Fulvia Fringuellotti ,&nbsp;Maria Iosifidi ,&nbsp;Steven Ongena","doi":"10.1016/j.jfi.2025.101161","DOIUrl":"10.1016/j.jfi.2025.101161","url":null,"abstract":"<div><div>Small business entrepreneurs facing credit constraints may experience significantly different future income trajectories compared to their unconstrained counterparts. We quantify this difference using uniquely detailed loan application data and a regression discontinuity design based on a bank’s credit score cutoff rule employed in the loan approval process. Our findings indicate that loan acceptance increases recipients’ real income by 11 % five years later compared to rejected applicants. This effect persists across a wide range of robustness tests and is primarily driven by the utilization of borrowed funds for profitable investments, as captured by the bank’s ex-ante soft information and the ex-post firm performance. Additionally, within the cohort of accepted applicants, future income is higher for those who were easily accepted compared to marginally accepted borrowers with similar creditworthiness, highlighting the important efficiency effects of loan usage.</div></div>","PeriodicalId":51421,"journal":{"name":"Journal of Financial Intermediation","volume":"63 ","pages":"Article 101161"},"PeriodicalIF":3.1,"publicationDate":"2025-06-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144279904","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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