The Effects of an Aging Population on the Structure of Bank Assets and Liabilities
研究发现，在老龄化程度高的地区，银行吸收更多低利率长期零售存款，减少批发融资，同时增加证券持有、减少贷款，导致资产负债期限缺口扩大。
Abstract Consistent with a lifecycle model and localized deposit issuance and lending, this paper finds that banks operating in local areas with older populations issue less wholesale funding and more retail deposits that are paid relatively low interest rates, particularly at longer maturities. Despite these banks’ deposit rates being lower and slower to adjust, their deposits are less likely to be withdrawn when market interest rates rise. Moreover, these banks’ assets are composed of more securities and fewer loans, particularly business and residential loans. They also choose securities and loans with relatively long maturities, significantly raising their asset–liability maturity gap.