题　目：Payment Risk and Bank Lending: The Tension between the Monetary and Financing Roles of Deposits

嘉　宾：Yi Li  Principal Economist  Federal Reserve Board

主持人：张麒  副教授  上海交通大学安泰经济与管理学院

时　间：2023年7月5日（周三）14:00-15:30

地　点：上海交通大学（徐汇校区）安泰A503室

内容简介:

Banks finance lending with deposits and support the operation of payment system by allowing depositors to freely transfer funds in and out of their deposit accounts. This bundling of financial services creates a liquidity mismatch. Using granular payment data, we characterize a sizeable liquidity risk exposure that banks face due to highly volatile payment flows. Payment risk is a form of funding stability risk that is unique to banks. Our analysis demonstrates the tension between the monetary role and financing role of deposits. We find that payment risk dampens bank lending: An interquartile increase in payment risk is associated with a decline in loan growth that is 10%–20% of its standard deviation. This detrimental effect is amplified by funding stress in broader financial markets and is stronger for undercapitalized banks. Furthermore, payment risk impedes the bank lending channel of monetary policy transmission. Finally, we characterize how banks mitigate payment risk by adjusting deposit rates.

演讲人简介：

Yi Li is a principal economist at the Board of Governors of the Federal Reserve. Yi conducts research in the area of financial institution and financial intermediation, with a focus on bond mutual fund fragility risks, money market fund runs, as well as liquidity management by banks. Her papers have been published at the Journal of Financial Economics, Review of Financial Studies, and Management Science, and her work has been featured in media outlets including Financial Times, Money and Bank Blog, ETF.com, and VoxEU. Yi earned her PhD in economics from Princeton University in 2014. Prior to her graduate studies, Yi obtained a BA in economics and a BS in mathematics from Peking University.

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