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Implicit Interest on Demand Deposits

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Author Info
Richard Startz

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Abstract

Traditionally, monetary theory assumes money bears zero interest. More recently, it has been recognized that banks implicitly pay interest through providing free services. In this paper, the implicit interest rate is estimated from two different sources. Implicit interest appears to be about one-half of what a competitive rate would be in the absence of the prohibition against explicit interest.

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Paper provided by Wharton School Rodney L. White Center for Financial Research in its series Rodney L. White Center for Financial Research Working Papers with number 4-79.

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Handle: RePEc:fth:pennfi:4-79

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  1. Douglas D. Evanoff & Larry D. Wall, 2000. "Subordinated debt and bank capital reform," Working Paper 2000-24, Federal Reserve Bank of Atlanta. [Downloadable!]
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  2. repec:fip:fedreq:y:1982:i:mar:p:2-20:n:v.68no.2 is not listed on IDEAS
  3. Apostolos Serletis & Guohua Feng, 2008. "Semi-Nonparametric Estimates of Currency Substitution Between the Canadian Dollar and the U.S. Dollar," Working Papers 2008-32, Department of Economics, University of Calgary, revised 27 Oct 2008. [Downloadable!]
  4. Juan Coello, 1994. "¿Son las cajas y los bancos estratégicamente equivalentes?," Investigaciones Economicas, Fundación SEPI, vol. 18(2), pages 313-332, May. [Downloadable!]
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