How Did Depositors Respond to COVID-19?

文献类型: 外文期刊

第一作者: Levine, Ross

作者: Levine, Ross;Lin, Chen;Tai, Mingzhu;Xie, Wensi

作者机构:

期刊名称:REVIEW OF FINANCIAL STUDIES ( 影响因子:8.2; 五年影响因子:9.7 )

ISSN: 0893-9454

年卷期: 2021 年 34 卷 11 期

页码:

收录情况: SCI

摘要: Why did banks experience massive deposit inflows during the pandemic? We discover that deposit interest rates at bank branches in counties with higher COVID-19 infection rates fell by more than rates at branches-even branches of the same bank-in counties with lower infection rates. Credit drawdowns, national policies, such as the Payment Protection Program, and a flight-to-safety do not account for these cross-branch changes in deposit rates. Evidence suggests that higher local COVID-19 infection rates are associated with households' greater anxiety about future job and income losses, anxiety that induces households to reduce spending and increase deposits.

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