TY  - UNPD
A1  - Aldasoro, Iñaki
A1  - Balke, Florian
A1  - Barth, Andreas
A1  - Eren, Egemen
T1  - Spillovers of funding dry-ups
T2  - SAFE working paper series ; No. 259
N2  - We uncover a new channel for spillovers of funding dry-ups. The 2016 US money market fund (MMF) reform exogenously reduced unsecured MMF funding for some banks. We use novel data to trace those banks to a platform for corporate deposit funding. We show that intensified competition for corporate deposits spilled the funding squeeze over to other banks with no MMF exposure. These banks paid more for deposits, and their pool of funding providers deteriorated. Moreover, their lending volumes and margins declined, and their stocks underperformed. Our results suggest that banks' competitiveness in funding markets affect their competitiveness in lending markets.
T3  - SAFE working paper - 259 
KW  - funding dry-ups
KW  - competition
KW  - spillovers
KW  - money market funds
KW  - corporate deposits
KW  - dollar funding
Y1  - 2019
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/51118
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30:3-511183
UR  - https://ssrn.com/abstract=3450319
IS  - August 29, 2019
PB  - SAFE
CY  - Frankfurt am Main
ER  -