TAILIEUCHUNG - Bank Mergers and Deposit Interest Rate Rigidity

The data presented in this paper do not speak to all of these empirical assertions, especially the broader issues about the ability of microfinance institutions to increase overall rates of economic growth, but they do help to illuminate key issues around commercialization and the place of non-profit organizations in the microfinance industry. We show that poor households can and do pay relatively high interest rates on micro-loans; that modest subsidies can be used without notable efficiency losses (repayment rates remain high, for example); that non-profits generally target poorer households than for-profits, and that many of those non- profits are fully. | FEDERAL RESERVE BANK OF CLEVELAND Working papers of the Federal Reserve Bank of Cleveland are preliminary materials circulated to stimulate discussion and critical comment on research in progress. They may not have been subject to the formal editorial review accorded official Federal Reserve Bank of Cleveland publications. The views stated herein are those of the authors and are not necessarily those of the Federal Reserve Bank of Cleveland or of the Board of Governors of the Federal Reserve System. Working papers are available on the Cleveland Fed s website at research. Working Paper 11-31 December 2011 Bank Mergers and Deposit Interest Rate Rigidity Valeriya Dinger In this paper I revisit the debate on the impact of bank and market characteristics on the rigidity of retail bank interest rates. Whereas existing research in this area has been exclusively concerned with static measures of bank and market structure I adopt a dynamic approach which explores the rigidity effects of the changes of bank and market structure generated by bank mergers. I find that bank mergers significantly affect the frequency of changes to deposit rates. In particular the probability of adjusting deposit rates in response to shocks in money market rates significantly drops after mergers that involve large target banks and after mergers that generate a substantial geographical expansion of bank operations. These effects however materialize only after a transition period characterized by very frequent changes of the deposit rates. Key words bank mergers bank market structure interest rate dynamics hazard rate. JEL codes G21 L11. Valeriya Dinger is at the University of Osnabrueck and she can be reached at Ro-landstr. 8 49069 Osnabrueck Germany 49 5419693398 phone 49 5419692769 fax or . The empirical analysis presented in this paper was performed during the author s tenure at the Federal Reserve Bank of Cleveland as a visiting scholar. .

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