Effects of Bank Funds Management Activities on the Disintermediation of Bank Deposits
利用澳大利亚银行附属基金及母行负债数据，发现管理基金并未取代银行存款，审慎资本要求阻止银行用内部管理投资间接吸收资金。
Abstract: This study investigates the alleged disintermediation of banks’ traditional deposit‐taking in favour of investment management activities. Using data on Australian bank‐affiliated funds and a nine‐year record of the parent banks’ liability balances, this study finds that managed funds do not displace bank liabilities. Prudential capital adequacy requirements dissuade banks from using in‐house managed investments as indirect conduits for raising funds in the same manner as deposit‐taking.