We show that maturity transformation does not expose banks to interest rate risk—it hedges it. The reason is the deposit franchise, which allows banks to pay deposit rates that are low and insensitive to market interest rates. Hedging the deposit franchise requires banks to earn income that is also insensitive, that is, to lend long term at fixed rates. As predicted by this theory, we show that banks closely match the interest rate sensitivities of their interest income and expense, and that this insulates their equity from interest rate shocks. Our results explain why banks supply long‐term credit.

中文翻译：

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存款银行：无利率风险的到期日转换

我们证明，期限转换不会使银行承受利率风险，而是会对其进行套期保值。原因是存款特许经营权，使银行可以支付低利率且对市场利率不敏感的存款利率。对冲存款特权需要银行获得不敏感的收入，即以固定利率长期放贷。正如该理论所预测的那样，我们表明银行紧密匹配其利息收入和费用的利率敏感性，并且这使它们的权益不受利率冲击的影响。我们的结果解释了银行为什么提供长期信贷。