The Demand for Federal Home Loan. Bank Advances by Thrift Institutions: Some Recent Evidence
研究了1979-1986年间美国储蓄机构对联邦住房贷款银行垫款的需求，发现垫款不仅是流动性来源，对资本不足的机构尤其有吸引力，且需求受垫款价格、抵押贷款利率等因素影响。
This paper develops a model of the demand for Federal Home Loan Bank (FHLB) advances by thrift institutions. It expands on a model developed in Kent [1983] by accounting for net worth in the balance sheet constraint and for borrowing in excess of the “advances limit.” The demand equation is estimated using pooled time‐series and cross‐sectional data for individual thrift institutions over the period 1979–1986. The results indicate that in addition to the traditional use of advances as a source of liquidity, advances are a particularly attractive source of funds for poorly capitalized institutions. Further, thrifts' demand for advances is responsive to the price of advances, mortgage interest rates, the dividend rate on FHLB stock, and rates on substitute sources of funds.