Banking on Deposits: Maturity Transformation without Interest Rate Risk
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https://www.nber.org/papers/w24582
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资源简介：
We show that maturity transformation does not expose banks to significant interest rate risk|it hedges it. This is due to banks' deposit franchise. The deposit franchise gives banks substantial market power over deposits, allowing them to pay deposit rates that are low and insensitive to market
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美国国家经济研究局创建时间：
2018-05-01
