How Did Depositors Respond to COVID-19?
How Did Depositors Respond to COVID-19?
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DOI：
10.1093/rfs/hhab062
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发表时间：
2021-06-21
影响因子：
8.2
通讯作者：
Xie, Wensi
中科院分区：
文献类型：
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作者：
Levine, Ross;Lin, Chen;Xie, Wensi
为何疫情期间银行存款大量流入？我们发现，COVID-19 感染率较高县的银行分行的存款利率下降幅度超过了感染率较低县的同一银行分行的存款利率。信贷提款、支付保护计划等国家政策以及避险情绪并不能解释存款利率的跨行变化。有证据表明，当地较高的 COVID-19 感染率与家庭对未来工作和收入损失的更大焦虑有关，这种焦虑促使家庭减少支出并增加存款。
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.