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Three Essays on Bank Intermediation /

Record Type:	Electronic resources : Monograph/item
Title/Author:	Three Essays on Bank Intermediation /Xiaoying Li.
Author:	Li, Xiaoying,
Description:	1 electronic resource (158 pages)
Notes:	Source: Dissertations Abstracts International, Volume: 87-06, Section: A.
Notes:	Advisors: Billett, Matthew T. Committee members: Hacamo, Isaac I. ; Kleiner, Kristoph ; Yang, Jun .
Contained By:	Dissertations Abstracts International87-06A.
Subject:	Finance.
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=32122260
ISBN:	9798265470270

Three Essays on Bank Intermediation /
Li, Xiaoying,

Three Essays on Bank Intermediation /Xiaoying Li. - 1 electronic resource (158 pages)

Source: Dissertations Abstracts International, Volume: 87-06, Section: A.

Maturity transformation is the defining function of commercial banks: borrowing in the short- term and lending in the long term. This dissertation aims to analyze three aspects affecting bank maturity transformation. The first two chapters study the effects of digital fiat money and personnel composition on the bank's short-term liabilities. In contrast, the third chapter investigates the regulation's impact on the bank's long-term off-balance-sheet assets. In Chapter 1, I study the effects of central bank digital currencies (CBDC) on bank deposit competition. I show that cash-like retail e-CNY made the demand deposit moreelastic. Banks are compelled to offer higher deposit rates by 2 to 4% to prevent further crowd-out effects of the CBDC. More importantly, CBDC has distributional effects across banks by changing the competitive landscape of the deposit market. I document the "convergence of" or "a narrowing gap between" large and small banks in terms of deposit interest rates and deposit quantities after the issuance of CBDC. In Chapter 2, I study workforce composition at a commercial bank and find that counter clerks' heterogeneous social backgrounds affect their work performance in terms of customers' satisfaction scores. Counter clerks serve customers on a daily basis; hence, their work performance directly influences depositors' inclination to invest in the bank's deposits. Therefore, banks need to take into account this personnel composition effect when making hiring decisions as this, in turn, affects the banks' ability to maintain (or obtain) their most stable source of funding: the core deposits. In Chapter 3, Using granular product-level data and a policy shock that curtailed regulatory arbitrage in China's shadow banking sector, I show how commercial banks respond by shortening their credit chains and shifting away from lending through structured investment vehicles and non-bank intermediaries. I find that banks more exposed to the policy shock reduce total credit supply relative to less-affected banks, particularly in sectors previously reliant on multilayered intermediation. Firms in these sectors experience a decrease in overall borrowing and investments. The findings underscore how regulation-driven disruptions to intermediation credit chains can amplify credit frictions and reshape the allocation of bank credit across the economy.

English

ISBN: 9798265470270Subjects--Topical Terms:

183252
Finance.
Subjects--Index Terms:

Maturity transformation

Three Essays on Bank Intermediation /
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520 $a Maturity transformation is the defining function of commercial banks: borrowing in the short- term and lending in the long term. This dissertation aims to analyze three aspects affecting bank maturity transformation. The first two chapters study the effects of digital fiat money and personnel composition on the bank's short-term liabilities. In contrast, the third chapter investigates the regulation's impact on the bank's long-term off-balance-sheet assets. In Chapter 1, I study the effects of central bank digital currencies (CBDC) on bank deposit competition. I show that cash-like retail e-CNY made the demand deposit moreelastic. Banks are compelled to offer higher deposit rates by 2 to 4% to prevent further crowd-out effects of the CBDC. More importantly, CBDC has distributional effects across banks by changing the competitive landscape of the deposit market. I document the "convergence of" or "a narrowing gap between" large and small banks in terms of deposit interest rates and deposit quantities after the issuance of CBDC. In Chapter 2, I study workforce composition at a commercial bank and find that counter clerks' heterogeneous social backgrounds affect their work performance in terms of customers' satisfaction scores. Counter clerks serve customers on a daily basis; hence, their work performance directly influences depositors' inclination to invest in the bank's deposits. Therefore, banks need to take into account this personnel composition effect when making hiring decisions as this, in turn, affects the banks' ability to maintain (or obtain) their most stable source of funding: the core deposits. In Chapter 3, Using granular product-level data and a policy shock that curtailed regulatory arbitrage in China's shadow banking sector, I show how commercial banks respond by shortening their credit chains and shifting away from lending through structured investment vehicles and non-bank intermediaries. I find that banks more exposed to the policy shock reduce total credit supply relative to less-affected banks, particularly in sectors previously reliant on multilayered intermediation. Firms in these sectors experience a decrease in overall borrowing and investments. The findings underscore how regulation-driven disruptions to intermediation credit chains can amplify credit frictions and reshape the allocation of bank credit across the economy.
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