| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w28298 |
| 来源ID | Working Paper 28298 |
| Dynamic Banking and the Value of Deposits | |
| Patrick Bolton; Ye Li; Neng Wang; Jinqiang Yang | |
| 发表日期 | 2021-01-04 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | 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 to accept any inflows and outflows, so that banks cannot perfectly control leverage. Such uncertainty destroys value when banks have insufficient equity capital to buffer shocks. Our model lends itself to a re-evaluation of leverage regulations and offers new perspectives on banking in a low interest-rate environment. |
| 主题 | Macroeconomics ; Money and Interest Rates ; Financial Economics ; Financial Institutions ; Corporate Finance |
| URL | https://www.nber.org/papers/w28298 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/585971 |
| 推荐引用方式 GB/T 7714 | Patrick Bolton,Ye Li,Neng Wang,et al. Dynamic Banking and the Value of Deposits. 2021. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w28298.pdf（1619KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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