Sehr geehrte Damen und Herren!
Anbei übermitteln wir Ihnen die Einladung zu einem VOSTA-Freitagsseminar von
Evren Damar
(Hobart and William Smith Colleges), mit dem Titel
„The Run from Safety: How a Change to the Deposit Insurance Limit Affects Households' Portfolio Allocation“
(joint with Reint Gropp, IWH and University of Magdeburg, and Adi Mordel, Bank of Canada).
Termin
Freitag, 23. Juni 2017, 11.00 Uhr
Ort
Oesterreichische Nationalbank
Otto-Wagner-Platz 3, 1090 Wien
Veranstaltungssaal Erdgeschoss
Abstract
This paper examines the effect of a change in deposit insurance limit on household portfolio allocation.
We use a 2005 increase in the deposit insurance limit in Canada from 60,000 CAD to 100,000 CAD, along with detailed information on the holdings of insured and uninsured deposits at the household level. An increase in deposit insurance represents an exogenous
shift towards safe assets in households’ portfolios, as a larger share of deposits becomes fully insured.
We document that banks consequently adjust rates on large deposits and that households respond by shifting
parts of their portfolios towards riskier assets outside the banking system. This is consistent with households attempting to maintain a constant allocation between safe and risky assets, as suggested by standard asset pricing models. Overall, we estimate
that about 2.7 percent of all outstanding deposits in Canada were moved to risky assets outside the banking system following the limit change.
Um Ihre Rückmeldung ersuchen wir bis
Mittwoch, 21. Juni 2017.
Wir freuen uns auf Ihre Teilnahme und stehen für Fragen gerne zur Verfügung.
Mit freundlichen Grüßen,
Event-Management
Communications and Financial Literacy Division
Oesterreichische Nationalbank
Otto-Wagner-Platz 3, 1090 Vienna, Austria
T +43(0)1 404 20 6620