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Article: How Did Depositors Respond to COVID-19?

TitleHow Did Depositors Respond to COVID-19?
Authors
Issue Date2021
PublisherOxford University Press. The Journal's web site is located at http://rfs.oxfordjournals.org/
Citation
The Review of Financial Studies, 2021, v. 34 n. 11, p. 5438-5473 How to Cite?
AbstractWhy 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.
Persistent Identifierhttp://hdl.handle.net/10722/300230
ISSN
2023 Impact Factor: 6.8
2023 SCImago Journal Rankings: 17.654
ISI Accession Number ID

 

DC FieldValueLanguage
dc.contributor.authorLevine, R-
dc.contributor.authorLin, C-
dc.contributor.authorTai, M-
dc.contributor.authorXie, W-
dc.date.accessioned2021-06-04T08:40:00Z-
dc.date.available2021-06-04T08:40:00Z-
dc.date.issued2021-
dc.identifier.citationThe Review of Financial Studies, 2021, v. 34 n. 11, p. 5438-5473-
dc.identifier.issn0893-9454-
dc.identifier.urihttp://hdl.handle.net/10722/300230-
dc.description.abstractWhy 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.-
dc.languageeng-
dc.publisherOxford University Press. The Journal's web site is located at http://rfs.oxfordjournals.org/-
dc.relation.ispartofThe Review of Financial Studies-
dc.titleHow Did Depositors Respond to COVID-19?-
dc.typeArticle-
dc.identifier.emailLin, C: chenlin1@hku.hk-
dc.identifier.emailTai, M: taimzh@hku.hk-
dc.identifier.authorityLin, C=rp01808-
dc.identifier.authorityTai, M=rp02295-
dc.description.naturelink_to_OA_fulltext-
dc.identifier.doi10.1093/rfs/hhab062-
dc.identifier.scopuseid_2-s2.0-85118949766-
dc.identifier.hkuros322683-
dc.identifier.volume34-
dc.identifier.issue11-
dc.identifier.spage5438-
dc.identifier.epage5473-
dc.identifier.isiWOS:000713817600009-
dc.publisher.placeUnited Kingdom-

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