Arbeitspapier
Wholesale funding dry-ups
We empirically explore the fragility of wholesale funding of banks, using trans-action level data on short-term, unsecured certificates of deposits in the European market. We do not observe any market-wide freeze during the 2008-2014 period. Yet, many banks suddenly experience funding dry-ups. Dry-ups predict, but do not cause, future deterioration of bank performance. Furthermore, in periods of market stress, banks with high future performance tend to increase reliance on wholesale funding. Thus, we fail to find evidence consistent with classical adverse selection models of funding market freezes. Our evidence is in line with theories highlighting heterogeneity between informed and uninformed lenders.
- ISBN
-
978-92-95081-93-2
- Sprache
-
Englisch
- Erschienen in
-
Series: ESRB Working Paper Series ; No. 49
- Klassifikation
-
Wirtschaft
Banks; Depository Institutions; Micro Finance Institutions; Mortgages
- Thema
-
wholesale bank funding
market freezes
asymmetric information
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Pérignon, Christophe
Thesmar, David
Vuillemey, Guillaume
- Ereignis
-
Veröffentlichung
- (wer)
-
European Systemic Risk Board (ESRB), European System of Financial Supervision
- (wo)
-
Frankfurt a. M.
- (wann)
-
2017
- DOI
-
doi:10.2849/366406
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:43 MEZ
Datenpartner
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Pérignon, Christophe
- Thesmar, David
- Vuillemey, Guillaume
- European Systemic Risk Board (ESRB), European System of Financial Supervision
Entstanden
- 2017
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