Data and Code for: Private supply of safe assets: Shadow banks versus traditional banks
收藏ICPSR2020-01-01 更新2026-04-16 收录
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https://www.openicpsr.org/openicpsr/project/120744
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资源简介：
We show that the creation of private safe assets by shadow banks can decrease traditional banks' supply of safe assets. The 2014–2016 money fund reform created a large demand shock for safe assets, to which Federal Home Loan Banks (FHLBs) responded, expanding their balance sheets and increasing their issuance of short-term debt. To reduce the resulting interest rate risk, FHLBs shortened the repricing of their loans to banks. Focusing on small banks for which the reform was exogenous, we use a novel instrumental variable strategy to show that shadow banks create safe assets at the expense of banks' deposits. <br>
提供机构：
Board of Governors of the Federal Reserve System
创建时间：
2020-01-01
