教學項目
教師與研究
學生發展
國際合作
校友
合作伙伴
研究機構
關于我們

【學術預告】倫敦政治經濟學院金融學教授Daniel Paravisini學術研討會:存款支取

時間: 2019-10-23 10:55 來源: 作者: 瀏覽量:3086 字號: 打印

題:Deposit Withdrawals(存款支取)

主講人Daniel Paravisini,倫敦政治經濟學院金融學教授

日期2019年10月23日(周三)

時間上午10:00-11:30

地點:清華五道口金融學院4號樓101教室

語言英文

摘要:

This paper develops a new approach to identify and quantify different rationales for deposit withdrawals. Exploiting variation in the cost of withdrawal induced by the maturity expiration of time-deposits, the approach can distinguish between withdrawals due to liquidity needs, exposure to fundamental uncertainty, or expectations about how other depositors will behave. Using daily micro-data from a large Greek bank we show that early deposit withdrawal probability quadruples in response to a policy uncertainty shock that doubled the short-run CDS price of Greek sovereign bonds. About two-thirds of this increase is driven by direct exposure to policy uncertainty with the remainder due to changes in expectations of behavior of other depositors. We estimate depositors' willingness to pay to avoid uncertainty to quantify the effects and find that depositors would have had to be offered annualized returns exceeding 50% to prevent withdrawals during high-uncertainty periods.


重庆时时彩调整20分钟一期