Banks’ Internal Capital Markets and Deposit Rates
研究发现，存款利率主要由银行内部的贷款需求驱动，而非存款人的市场纪律；不同资本充足率的银行利率差异不大，但贷款增长会显著影响利率，表明银行通过内部资本市场调配资金。
It is commonly believed that deposit rates are determined primarily by supply: Depositors require higher deposit rates from risky banks, thereby creating market discipline. An alternative perspective is that market discipline is limited (e.g., due to deposit insurance and/or enhanced capital regulation) and that internal demand for funding by banks determines rates. Using branch-level deposit rate data, we find little evidence for market discipline as rates are similar across bank capitalization levels. In contrast, banks’ loan growth has a causal effect on deposit rates; for example, branches’ deposit rates are correlated with loan growth in other states in which their bank has some presence, suggesting internal capital markets help reallocate the bank’s funding.