科学研究
报告题目：Effects of Deposits on Banks’ Choices of Balance-Sheet Composition
报告人：黄子璇
报告时间：2023年12月29日（周五）8:30-10:00
报告地点：腾讯会议（会议ID：745 754 340）
主办单位：9570官方金沙入口会员登录 辽宁省资本市场财务与会计研究生创新与学术交流中心
【报告摘要】
This paper examines, theoretically and empirically, the impact of deposits on banks’ balance-sheet composition. I propose a novel mechanism where a bank’s wholesale borrowing constraint determines the effect of deposits on the bank. Unconstrained banks treat deposits and wholesale funding as substitutes. However, deposits relax the wholesale borrowing constraint because deposits are effectively subordinate to wholesale debt. Thus for constrained banks, deposits and wholesale funding can be complements. For such banks, an increase in deposits enables them to borrow more aggressively from wholesale creditors and hence issue more loans. Empirically, using the cross-sectional variation in deposit fluctuations driven by monetary policy rate changes, I estimate the causal effect of deposits on banks’ balance-sheet composition. The empirical evidence supports the model predictions. In response to a 1% increase in deposit growth as a share of assets, unconstrained banks reduce wholesale funding growth by 0.2% of assets, while constrained banks increase their wholesale funding growth by 0.76% of assets. At the aggregate level of the banking sector, I find that deposit shocks account for a significant share of the variance of wholesale funding and loan growth. My findings also shed light on how monetary policy affects bank funding composition and vulnerability.
【报告人简介】
黄子璇，约翰霍普金斯大学经济学博士研究生。在约翰霍普金斯大学国际高级研究学院获得了国际经济学和金融学硕士学位，并在上海大学获得了材料物理学学士学位。主要研究兴趣包括宏观金融、银行业、宏观经济学、金融经济学和中国经济。曾在彼得森国际经济研究所担任研究分析师，重点研究中国经济。
【特别提醒】
未经论文作者和主办方允许，严禁将讲座内容录制并公开传播，违者将有可能被追究法律责任。
