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Data and Code for: Private supply of safe assets: Shadow banks versus traditional banks

Version
1
Resource Type
Dataset
Creator
  • Gissler, Stefan (Board of Governors of the Federal Reserve System)
  • Macchiavelli, Marco (Board of Governors of the Federal Reserve System)
  • Narajabad, Borghan (Board of Governors of the Federal Reserve System)
Publication Date
2020-09-01
Description
  • Abstract

    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.
Availability
Download
This study is freely available to the general public via web download.
Relations
  • Is supplement to
    DOI: 10.1257/pandp.20201098 (Text)
Publications
  • Gissler, Stefan, Marco Macchiavelli, and Borghan Narajabad. “Private Supply of Safe Assets: Shadow Banks Versus Traditional Banks.” AEA Papers and Proceedings 110 (May 2020): 477–81. https://doi.org/10.1257/pandp.20201098.
    • ID: 10.1257/pandp.20201098 (DOI)

Update Metadata: 2020-09-01 | Issue Number: 1 | Registration Date: 2020-09-01

Gissler, Stefan; Macchiavelli, Marco; Narajabad, Borghan (2020): Data and Code for: Private supply of safe assets: Shadow banks versus traditional banks. Version: 1. ICPSR - Interuniversity Consortium for Political and Social Research. Dataset. https://doi.org/10.3886/E120744V1