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Why Did U.S. Banks Invest in Highly-Rated Securitization Tranches?
Erel, Isil - 2011
-rated tranches were economically trivial for the typical bank, but banks with greater holdings performed more poorly during the …-rated tranches are not higher for banks with large trading books in regressions that control for bank size. The ratio of highly …-rated tranches holdings to assets increases with bank assets, but not for banks with more than $50 billion of assets. This evidence …
Persistent link: https://www.econbiz.de/10013121733
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Banks’ Internal Capital Markets and Deposit Rates
Ben-David, Itzhak - 2015
. Using branch-level deposit rate data, we find little evidence for market discipline as rates are similar across bank … correlated with loan growth in other states in which their bank has some presence, suggesting internal capital markets help … reallocate the bank's funding …
Persistent link: https://www.econbiz.de/10013016009
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Banking on Deposits : Maturity Transformation Without Interest Rate Risk
Drechsler, Itamar - 2018
We show that maturity transformation does not expose banks to significant interest rate risk|it hedges it. This is due to banks' deposit franchise. The deposit franchise gives banks substantial market power over deposits, allowing them to pay deposit rates that are low and insensitive to market...
Persistent link: https://www.econbiz.de/10012919327
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The Market for Bank Stocks and the Rise of Deposit Banking in New York City, 1866-1897
Rousseau, Peter L. - 2010
that centers on the existence of an increasingly efficient market for bank shares. The stock market was important because …
Persistent link: https://www.econbiz.de/10013147592
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Dynamic Banking and the Value of Deposits
Bolton, Patrick; Li, Ye; Wang, Neng; Yang, Jinqiang - 2022
We propose a dynamic theory of banking where the role of deposits is akin to that of productive capital in the classical q-theory of investment. As a cheap source of leverage, deposits typically create value for banks, but the marginal q of deposits can be negative. Deposit accounts commit banks...
Persistent link: https://www.econbiz.de/10014238859
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Banking Without Deposits : Evidence from Shadow Bank Call Reports
Jiang, Erica; Matvos, Gregor; Piskorski, Tomasz; Seru, Amit - 2022
Is bank capital structure designed to extract deposit subsidies? We address this question by studying capital structure … banks finance themselves primarily with short-term debt and originate long-term loans. However, shadow bank debt is provided … primarily by informed and concentrated lenders. (4) Shadow bank leverage increases substantially with size, and the …
Persistent link: https://www.econbiz.de/10013309721
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Resource Windfalls, Political Regimes, and Political Stability
Caselli, Francesco - 2011
We study theoretically and empirically whether natural resource windfalls affect political regimes. We document the following regularities. Natural resource windfalls have no effect on the political system when they occur in democracies. However, windfalls have significant political consequences...
Persistent link: https://www.econbiz.de/10013117944
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The Social Security Windfall Elimination and Government Pension Offset Provisions for Public Employees in the Health and Retirement Study
Gustman, Alan L. - 2013
This paper uses data from the Health and Retirement Study to investigate the effects of Social Security's Windfall Elimination Provision (WEP) and Government Pension Offset (GPO) provision on Social Security benefits received by individuals and households. WEP reduces the benefits of individuals...
Persistent link: https://www.econbiz.de/10013071796
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Windfall Gains and Stock Market Participation
Briggs, Joseph - 2015
We estimate the causal effect of wealth on stock market participation using administrative data on Swedish lottery players. A $150,000 windfall gain increases stock ownership probability among pre-lottery non-participants by 12 percentage points, while pre-lottery stock holders are unaffected....
Persistent link: https://www.econbiz.de/10013013170
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Are Windfalls a Curse? A Non-Representative Agent Model of the Current Account and Fiscal Policy
Tornell, Aaron; Lane, Philip R. - 2021
In several countries temporary terms of trade improvements have led to a deterioration of the current account. Furthermore, many of these countries failed to attain greater post-boom growth rates. The point we make is that the structure of the fiscal process is critical in determining outcomes....
Persistent link: https://www.econbiz.de/10013237941