Data and Code for: Private supply of safe assets: Shadow banks versus traditional banks

Principal Investigator(s):  View help for Principal Investigator(s) Stefan Gissler, Board of Governors of the Federal Reserve System; Marco Macchiavelli, Board of Governors of the Federal Reserve System; Borghan Narajabad, Board of Governors of the Federal Reserve System

Version:  View help for Version V1

Name File Type Size Last Modified
calldata.dta application/x-stata 57.2 MB 08/24/2020 04:33:AM
mfdata.dta application/x-stata 2.9 KB 08/17/2020 12:44:PM
readme.pdf application/pdf 123.7 KB 08/17/2020 12:09:PM
table1.do text/x-stata-syntax 5.6 KB 08/24/2020 04:29:AM

Project Citation: 

Gissler, Stefan, Macchiavelli, Marco, and Narajabad, Borghan. Data and Code for: Private supply of safe assets: Shadow banks versus traditional banks. Nashville, TN: American Economic Association [publisher], 2020. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2020-09-01. https://doi.org/10.3886/E120744V1

Project Description

Summary:  View help for Summary We show that the creation of private safe assets by shadow banks can decrease traditional banks' supply of safe assets. The 2014–2016 money fund reform created a large demand shock for safe assets, to which Federal Home Loan Banks (FHLBs) responded, expanding their balance sheets and increasing their issuance of short-term debt. To reduce the resulting interest rate risk, FHLBs shortened the repricing of their loans to banks. Focusing on small banks for which the reform was exogenous, we use a novel instrumental variable strategy to show that shadow banks create safe assets at the expense of banks' deposits.

Scope of Project

JEL Classification:  View help for JEL Classification
      E43 Interest Rates: Determination, Term Structure, and Effects
      G21 Banks; Depository Institutions; Micro Finance Institutions; Mortgages
      G28 Financial Institutions and Services: Government Policy and Regulation
      L25 Firm Performance: Size, Diversification, and Scope


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V1 [2020-09-01]

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