Societal Inequality and Bank Deposit Dynamics: Evidence from the Freedman's Savings Bank

• 成果类型: Article; Early Access
• 署名作者: Traweek, Virginia; Wardlaw, Malcolm
• 署名单位: Texas Christian University; University System of Georgia; University of Georgia
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454
• DOI: 10.1093/rfs/hhaf065
• 发表日期: 2025
• 关键词: access; panics; INFORMATION; finance; runs

摘要

We study depositor behavior and capital flight using data from the Freedman's Savings Bank, a bank established after the U.S. Civil War to support formerly enslaved individuals. White depositors, who generally had better access to financial information, begin providing significant funding as interest terms are enhanced. They respond faster to postpanic stabilization efforts and negative bank-specific information, and are twice as likely to close accounts before failure, passing expected losses to Black depositors, who were the bank's primary philanthropic target. Our results show how demand deposit funding of bank-like institutions can create systemic disadvantages for less experienced borrowers.