Bank Deposits and the Stock Market
研究发现，股市繁荣期间家庭零售存款需求下降，导致银行信贷收缩，进而减少银行依赖型企业的实际经济活动。通过家庭股市参与的地理差异识别了这一渠道。
Abstract I show that households’ demand for retail deposits decreases during stock market booms, which induces a contraction in bank lending and a decrease in real activity in bank-dependent firms. I identify this channel using geographic heterogeneity in households’ stock market participation. Banks in areas with greater stock ownership see a greater reduction in deposit growth when stock returns are high. This holds even across branches of the same bank and across ZIP codes within counties. Counties served by banks financed by more stock-active depositors see a greater decline in bank lending and bank-dependent-firm employment following high stock returns.