We construct a new measure of deposit insurance generosity for many countries, empirically model the exogenous international influences on the adoption and generosity of deposit insurance and use a novel econometric method to explore the causal chain from the expansion of deposit insurance generosity to increased overall lending, increased lending to households, increased banking system leverage, and more severe and frequent banking crises. Greater deposit insurance generosity robustly produces greater overall lending relative to bank assets and more lending to households relative to both bank assets and GDP, and results in higher banking system leverage. Our estimates, however, are not conclusive regarding whether greater deposit insurance generosity resulted in greater total loans relative to GDP or in more frequent or severe banking crises.

我们为许多国家/地区构建了一种新的存款保险慷慨度衡量标准，以经验方法模拟了国际上对存款保险采用和慷慨程度的影响，并使用新颖的计量经济学方法探索了从存款保险慷慨扩大到总体贷款增加的因果链，对家庭的贷款增加，银行系统杠杆增加以及银行危机更加严重和频繁。相对于银行资产，更大的存款保险慷慨地产生了更大的整体贷款，而相对于银行资产和GDP而言，则向家庭提供了更多的贷款，从而提高了银行体系的杠杆率。但是，对于更大的存款保险慷慨导致相对于GDP的总贷款增加还是更频繁或更严重的银行危机，我们的估计尚无定论。