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數字金融workshop:The Making of an Alert Depositor: How Payment and Interest Drive Deposit Dynamics

發(fā)布日期：2024-06-07 12:00    來(lái)源：

時(shí)間/Time： 6月7日 周五 北京時(shí)間上午 10:00-11:30

Friday 7 June 2024, 10:00-11:30 a.m.

地點(diǎn)/Venue：

線(xiàn)下：北京大學(xué)國家發(fā)展研究院承澤園校區245教室

線(xiàn)上：ZOOM會(huì )議（會(huì )議號: 897 2560 1400  密碼: 938759）

主講人/Speaker：  曾垚 Yao Zeng

主持人/Host：     胡佳胤 Jiayin Hu

Abstract

Are depositors sleepy? We challenge the traditional view of depositor sleepiness by introducing a new notion, depositor alertness, and find supporting evidence leveraging transactionlevel data from over a million U.S. depositors across major U.S. banks. Depositors shift their deposits across bank accounts more actively when the payment technology linked to their accounts is more efficient, which we define as the payment channel. Furthermore, depositors facing higher payment frictions are also more attuned to interest rate risk and shift their deposits more actively, which we define as the interest risk channel. Depositor alertness is particularly pronounced during periods of rate hikes but diminishes when rates fall. We further draw

causal evidence using a novel instrument: the exogenous exposure to fast payment technologies reduces transfer frictions, which consequently heightens depositor alertness. Our findings have significant policy implications, highlighting the impact of depositor behavior on bank funding costs and risks, especially amidst rapid developments in new payment technologies and during times of monetary tightening.

主講人介紹/Biography:

Yao Zeng is assistant professor of finance at the Wharton School. His research focuses on the intersection of asset pricing and corporate finance with a focus on financial intermediation. Currently, he is exploring the interplay between banks and various non-banks, including mutual funds, ETFs, and FinTech lending and payment service companies that all behave more like banks post-crisis, and the financial stability and macroeconomic implications. He received his Ph.D. in Economics from Harvard University in 2016.


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