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  1. Bank competition for wholesale funding
    evidence from corporate deposits
    Autor*in: Aldasoro, Iñaki; Balke, Florian; Barth, Andreas; Eren, Egemen
    Erschienen: February 28, 2019
    Verlag:  Verein für Socialpolitik, [Leipzig]

    When banks are faced with a funding shortage in money market wholesale funding, they partly substitute by tapping other wholesale funding sources. Using auction-level data on large corporate deposits, we trace these substitution effects and their... mehr

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    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DSM 13
    Fernleihe:
    keine Fernleihe

     

    When banks are faced with a funding shortage in money market wholesale funding, they partly substitute by tapping other wholesale funding sources. Using auction-level data on large corporate deposits, we trace these substitution effects and their implications, which go beyond the balance sheets of banks affected by the funding shortage. Banks which are forced to seek alternative funding sources ("affected" banks) crowd out other initially unaffected banks, which pay substantially more to retain funding. Affected banks achieve funding substitution mostly through an intensive margin adjustment, increasing their share of funding coming from stable funding providers. We document a mechanism to explain this observation, building on the existence of a pecking order of funding in fragmented markets and the matching of banks' and firms' preferences. The crowding-out of initially unaffected banks worsens their pool of funding providers. The stock prices of these banks underperform those of affected banks, while CDS spreads remain unchanged between the two groups. Our results suggest that crowding out in funding markets affect competitiveness on the asset side.

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/203578
    Schriftenreihe: Array ; Array
    Umfang: 1 Online-Ressource (circa 39 Seiten), Illustrationen
  2. Spillovers of funding dry-ups
    Autor*in: Aldasoro, Iñaki; Balke, Florian; Barth, Andreas; Eren, Egemen
    Erschienen: 2019
    Verlag:  Bank for International Settlements, Monetary and Economic Department, [Basel]

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    VS 546
    Fernleihe:
    keine Fernleihe
    Export in Literaturverwaltung   RIS-Format
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    Hinweise zum Inhalt
    Volltext (kostenfrei)
    Volltext (kostenfrei)
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Schriftenreihe: BIS working papers ; no 810 (September 2019)
    Umfang: 1 Online-Ressource (circa 57 Seiten), Illustrationen