NBERWORKINGPAPERSERIESDESTABILIZINGDIGITAL"BANKWALKS"NazKoontTanoSantosLuigiZingalesWorkingPaper32601http://www.nber.org/papers/w32601NATIONALBUREAUOFECONOMICRESEARCH1050MassachusettsAvenueCambridge,MA02138June2024Wethankourdiscussants,MarkEgan,BillEnglish,ThomasPhilippon,MaryamFarboodi,andSarinSchuermann,andparticipantstothe2023SummerNBER,the2024FiveStarConference,andseminarsatUniversityofMaryland,theOCC,theChicagoFed,YaleLawSchool,andtheIESEWorkshoponBankingTurmoilandRegulatoryReform.TheviewsexpressedhereinarethoseoftheauthorsanddonotnecessarilyreflecttheviewsoftheNationalBureauofEconomicResearch.NBERworkingpapersarecirculatedfordiscussionandcommentpurposes.Theyhavenotbeenpeer-reviewedorbeensubjecttothereviewbytheNBERBoardofDirectorsthataccompaniesofficialNBERpublications.©2024byNazKoont,TanoSantos,andLuigiZingales.Allrightsreserved.Shortsectionsoftext,nottoexceedtwoparagraphs,maybequotedwithoutexplicitpermissionprovidedthatfullcredit,including©notice,isgiventothesource.DestabilizingDigital"BankWalks"NazKoont,TanoSantos,andLuigiZingalesNBERWorkingPaperNo.32601June2024JELNo.G21ABSTRACTWestudytheimpactofdigitalbankingonthevalueofthedepositfranchiseandthestabilityofthebankingsector.UsingtheclassificationofdigitalbankinginKoont(2023),wefindthatwhentheFedfundsrateincreases,depositsflowoutfaster,andthecostofdep...
发表评论取消回复