Using supervisory data, we test the tax effects on the liability structure (the composition of deposits and other forms of debt) of the credit cooperative banks (BCC) by exploiting exogenous variations in the rates of tax on productive activities (IRAP) across Italian regions and over time. The testable predictions are derived from a model of bank liability structure that incorporates regulatory closure, endogenous default, and deposit insurance. We show that banks endogenously respond to tax cuts mainly by reducing non-deposit debt ratios, instead of deposit ratios, when lowering leverage. The overall liability structure adjustment substantially reduces non-equity funding costs.

使用监管数据，我们通过利用意大利各地区生产活动税率 (IRAP) 的外生变化来测试税收对信用合作银行 (BCC) 负债结构（存款和其他形式债务的构成）的影响随着时间的推移。可测试的预测来自银行负债结构模型，该模型包含监管关闭、内生违约和存款保险。我们表明，银行对减税的内生反应主要是通过降低非存款债务比率，而不是在降低杠杆时降低存款比率。整体负债结构调整大幅降低非股权融资成本。