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Economic policy uncertainty and bank liquidity hoarding

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  • Berger, Allen N.
  • Guedhami, Omrane
  • Kim, Hugh H.
  • Li, Xinming

Abstract

We examine the impact of economic policy uncertainty (EPU) on bank liquidity hoarding. We create a comprehensive measure of bank liquidity hoarding that takes into account asset-, liability-, and off-balance sheet activities. Using over one million bank-quarter observations, we find that in response to EPU, banks hoard liquidity overall and through all three components. This behavior is more pronounced for banks with less liquidity, more peer-bank spillover effects, and more EPU exposure. Additional analyses of interest rate spreads on several bank products suggest that our findings reflect at least in part bank choices, rather than just the reactions of customers.

Suggested Citation

  • Berger, Allen N. & Guedhami, Omrane & Kim, Hugh H. & Li, Xinming, 2022. "Economic policy uncertainty and bank liquidity hoarding," Journal of Financial Intermediation, Elsevier, vol. 49(C).
    • Handle: RePEc:eee:jfinin:v:49:y:2022:i:c:s1042957320300474
    DOI: 10.1016/j.jfi.2020.100893
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    Cited by:

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    17. Maria T. Gonzalez-Perez, 2022. "A volatility index for the Spanish banking sector," Economic Bulletin, Banco de España, issue 3/2022.
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    More about this item

    Keywords

    Economic policy uncertainty; Banks; Liquidity hoarding;
    All these keywords.

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • P16 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Capitalist Institutions; Welfare State

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