An Analysis of the Impact of Deposit Rate Ceilings on the Market Values of Thrift Institutions
研究存款利率监管变化对储蓄贷款机构普通股价值的影响，发现取消小额存单利率上限和引入短期浮动利率货币市场存单导致其市值显著下降，表明这些机构曾从利率管制中获得经济租金。
ABSTRACT This paper examines the impact of changes in deposit interest rate regulations on the common stock values of savings and loan institutions. The analysis indicates that stockholder‐owned savings and loans (S & L's) have experienced statistically significant declines in equity market values at the announcement of the removal of ceilings on certain consumer (small saver) certificate accounts and the introduction of short term variable rate money market certificates. We find the evidence to be consistent with the hypothesis that S & L's have earned economic rents from restrictions on interest rates paid to small saver accounts, and that relaxation of interest rate ceilings has reduced these rents.