We provide new evidence on how deposit funding affects bank lending. For identification, we exploit the 2011 reform of the investment income tax in Italy that induced households to substitute bank bonds with deposits. We find that banks with larger increases in deposits expand the supply of credit lines and long-term credit to low-risk firms. Additional evidence indicates that these results are consistent with theories emphasizing the demandable nature of the deposit contract rather than theories stressing the stability of deposit funding due to government guarantees. In this regard, we show that banks under stress face large runs on retail deposits, but not on retail bonds.

我们提供了有关存款资金如何影响银行贷款的新证据。为了识别，我们利用了2011年意大利的投资所得税改革，诱使家庭用存款代替银行债券。我们发现，存款增加较大的银行扩大了向低风险公司的信贷额度和长期信贷的供应。其他证据表明，这些结果与强调存款合同的需求性质的理论是一致的，而不是强调由于政府担保而导致存款资金稳定的理论。在这方面，我们表明，承受压力的银行面临着零售存款的巨额冲销，而不是零售债券的冲销。