Banking on Deposits: Maturity Transformation without Interest Rate Risk

We show that maturity transformation does not expose banks to interest rate risk—it hedges it. The reason is the deposit franchise, which allows banks to pay deposit rates that are low and insensitive to market interest rates. Hedging the deposit franchise requires banks to earn income that is also...

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Vydané v:	The Journal of finance (New York) Ročník 76; číslo 3; s. 1091 - 1143
Hlavní autori:	DRECHSLER, ITAMAR, SAVOV, ALEXI, SCHNABL, PHILIPP
Médium:	Journal Article
Jazyk:	English
Vydavateľské údaje:	Cambridge Wiley Periodicals LLC 01.06.2021 Wiley Subscription Services, Inc Blackwell Publishers Inc
Predmet:	Bank deposits Bank earnings Banking Business schools Financial disclosure Franchises Hedges Hedging Hedging (Finance) Income Interest income Interest rate risk Interest rates Macroeconomics Maturity Monetary policy Seminars Transformation
ISSN:	0022-1082, 1540-6261
On-line prístup:	Získať plný text
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