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SUMMARY:Banks as Patient Lenders: Evidence from a Tax Reform
DTSTART:20190308T103000
DTEND:20190308T120000
DTSTAMP:20260916T203809Z
UID:bf0d337cae8516283f7e3fb6adddd1ce9b5c77957094f306723cf079
CATEGORIES:Conferences - Seminars
DESCRIPTION:Filippo DE MARCO\, Bocconi University\nWe test whether the com
 position of bank funding\, and the share of deposit funding in particular\
 , affects bank lending policies. For identification\, we exploit a tax ref
 orm in Italy that created incentives for households to substitute bank bon
 ds with deposits. Using geographically disaggregated data on deposits and 
 securities from securities holdings statistics\, we first show that the re
 form led to larger increases (decreases) in term deposits (bank bonds) in 
 areas where households held more bank bonds prior to the reform. Relying o
 n the comprehensive Italian Credit Register\, we find that banks exposed t
 o the reform did not change overall credit supply\, but increase the matur
 ity of loans to non-financial firms. Consistent with theories about deposi
 tor discipline and the role of the government safety net\, we find that ba
 nks that experienced larger increases in large uninsured deposits extended
  less credit to riskier firms and did not increase loan maturity.
LOCATION:UNIL\, Extranef\, room 126 https://planete.unil.ch/plan/?local=EX
 T-126
STATUS:CONFIRMED
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