Depositor Behavior under Macroeconomic Risk: Evidence from Bank Runs in Emerging Economies
| Autor: | Maria Soledad Martinez Peria, Eduardo Levy Levy-Yeyati, Sergio L. Schmukler |
|---|---|
| Rok vydání: | 2010 |
| Předmět: |
Saving and Capital Investment
Macroeconomics Economics and Econometrics Mortgages G210 Cycles E320 Bank run Other Depository Institutions Corporate Finance and Governance O160 Monetary economics Micro Finance Institutions Business Fluctuations Globalization Banks Accounting Financial crisis Economics Emerging markets Macroeconomic Analyses of Economic Development O110 Financial Markets [Economic Development] Finance |
| Zdroj: | Journal of Money, Credit and Banking. 42:585-614 |
| ISSN: | 1538-4616 0022-2879 |
| DOI: | 10.1111/j.1538-4616.2010.00300.x |
| Popis: | Depositor behavior has been associated with bank-specific characteristics, random runs, or contagion episodes. Using evidence on the 2000-02 bank runs in Argentina and Uruguay, this paper shows that macroeconomic risk is also important. Few macroeconomic shocks can quickly cause large runs. Macroeconomic risk affects deposits regardless of traditional bank-specific characteristics. Furthermore, bank exposure to macroeconomic factors can explain differences in deposit withdrawals. During crises, the evolution of bank-specific characteristics is mainly driven by macroeconomic factors, while the informational content of bank-specific variables declines. Overall, depositors seem responsive to risk in a broader sense than that often considered by the literature. |
| Databáze: | OpenAIRE |
| Externí odkaz: |
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