We empirically examine the impact of economic policy uncertainty (EPU) on banks’ funding structure (FUD). Using an extensive dataset of U.S. bank holding companies, we find that high policy uncertainty strengthens banks’ FUD. For banks with a pre-existing low FUD, an increase in EPU raises FUD. However, for banks with a pre-existing high FUD, the relationship between EPU and FUD becomes negative and economically significant. Considering the lack of relevant studies, our paper contributes to the literature and provides implications for policymakers and practitioners in the banking industry.

中文翻译：

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经济政策不确定性、代理问题和融资结构：来自美国银行业的证据

我们实证检验了经济政策不确定性 (EPU) 对银行融资结构 (FUD) 的影响。使用美国银行控股公司的广泛数据集，我们发现高政策不确定性加强了银行的 FUD。对于先前存在低 FUD 的银行，EPU 的增加会提高 FUD。但是，对于预先存在高 FUD 的银行，EPU 和 FUD 之间的关系变得负面且具有经济意义。考虑到缺乏相关研究，我们的论文对文献做出了贡献，并为银行业的政策制定者和从业者提供了启示。