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A behavioral model of demandable deposits and its implications for financial regulation

Author: Julio Rotemberg; National Bureau of Economic Research.
Publisher: Cambridge, Mass. : National Bureau of Economic Research, ©2010.
Series: Working paper series (National Bureau of Economic Research), no. 16620.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
A model is developed which rationalizes contracts that give depositors the right to obtain funds on demand even when depositors intend to use these funds for consumption in the future. This is explained by depositor overoptimism regarding their own ability to collect funds in a run. Capitalized institutions serving depositors with such beliefs emerge in equilibrium even if depositors and bank owners have the same  Read more...
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Additional Physical Format: Print version:
Rotemberg, Julio.
Behavioral model of demandable deposits and its implications for financial regulation.
Cambridge, Mass. : National Bureau of Economic Research, ©2010
(DLC) 2011655862
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Julio Rotemberg; National Bureau of Economic Research.
OCLC Number: 693769942
Description: 1 online resource (46 pages) : illustrations.
Series Title: Working paper series (National Bureau of Economic Research), no. 16620.
Responsibility: Julio J. Rotemberg.

Abstract:

A model is developed which rationalizes contracts that give depositors the right to obtain funds on demand even when depositors intend to use these funds for consumption in the future. This is explained by depositor overoptimism regarding their own ability to collect funds in a run. Capitalized institutions serving depositors with such beliefs emerge in equilibrium even if depositors and bank owners have the same preferences and the same investment opportunities. Various government regulations of these institutions, including minimum capital levels, requirements concerning the assets they may hold, deposit insurance and compulsory clawbacks in bankruptcy can raise the average ex post welfare of depositors.

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