Banks as patient lenders: Evidence from a tax reform

• 成果类型: Article
• 署名作者: Carletti, Elena; Marco, Filippo De; Ioannidou, Vasso; Sette, Enrico
• 署名单位: Bocconi University; Bocconi University; City St Georges, University of London; Centre for Economic Policy Research - UK; European Central Bank; Bank of Italy
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2020.07.021
• 发表日期: 2021
• 页码: 6-26
• 关键词: banks; deposits; maturity; risk-taking; government guarantee

摘要

We provide new evidence on how deposit funding affects bank lending. For identification, we exploit the 2011 reform of the investment income tax in Italy that induced households to substitute bank bonds with deposits. We find that banks with larger increases in deposits expand the supply of credit lines and long-term credit to low-risk firms. Additional evidence indicates that these results are consistent with theories emphasizing the demandable nature of the deposit contract rather than theories stressing the stability of deposit funding due to government guarantees. In this regard, we show that banks under stress face large runs on retail deposits, but not on retail bonds. (c) 2021 Elsevier B.V. All rights reserved.