| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w30369 |
| 来源ID | Working Paper 30369 |
| One Size Doesn\u2019t Fit All: Heterogeneous Depositor Compensation During Periods of Uncertainty | |
| Nikolaos Artavanis; Daniel Paravisini; Claudia Robles Garcia; Amit Seru; Margarita Tsoutsoura | |
| 发表日期 | 2022-08-22 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | We develop a new approach to identify different categories of depositors during periods of uncertainty and quantify their compensation to remain in the bank. We isolate withdrawals due to liquidity needs, deterioration of fundamentals, and expectation about withdrawal behavior of other depositors. We exploit variation in the cost of withdrawal induced by the maturity expiration of time deposits around unexpected uncertainty events and high-frequency microdata from a large Greek bank. Deposit withdrawals quadrupled in response to a policy uncertainty shock that doubled the short-run credit default swap (CDS) price of Greek sovereign bonds. About two-thirds of this increase is driven by direct exposure to deteriorating fundamentals, and the remainder due to strategic complementarities. We find that depositors need to be offered annualized returns exceeding 50% to remain in the bank during episodes of high uncertainty. Our findings provide new insights into the design of interventions that prevent runs by targeting depositors with the largest propensity to withdraw. |
| 主题 | Microeconomics ; Households and Firms ; Economics of Information ; Financial Economics ; Financial Institutions ; Development and Growth ; Development |
| URL | https://www.nber.org/papers/w30369 |
| 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/588041 |
| 推荐引用方式 GB/T 7714 | Nikolaos Artavanis,Daniel Paravisini,Claudia Robles Garcia,et al. One Size Doesn\u2019t Fit All: Heterogeneous Depositor Compensation During Periods of Uncertainty. 2022. |
| 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 | ||
| w30369.pdf（993KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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