存款流量和存款利率的一月效应

IF 1.5 3区经济学 Q3 BUSINESS, FINANCE

Journal of Financial Research Pub Date : 2024-08-28 DOI:10.1111/jfir.12430

Vladimir Kotomin, Artem Meshcheryakov

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引用次数: 0

摘要

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。

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Deposit flows and the January effect in deposit rates

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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来源期刊

Journal of Financial Research BUSINESS, FINANCE-

CiteScore

1.70

自引率

0.00%

发文量

期刊介绍： The Journal of Financial Research(JFR) is a quarterly academic journal sponsored by the Southern Finance Association (SFA) and the Southwestern Finance Association (SWFA). It has been continuously published since 1978 and focuses on the publication of original scholarly research in various areas of finance such as investment and portfolio management, capital markets and institutions, corporate finance, corporate governance, and capital investment. The JFR, also known as the Journal of Financial Research, provides a platform for researchers to contribute to the advancement of knowledge in the field of finance.