whats different about banks

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1、JournalofMonetaryEconomics15(1985)29-39.North-HollandWHAT’SDIFFERENTABOUTBANKS?*EugeneF.FAMAUniversi[vofChicago,Chicago,IL60637,USANegotiablecertificatesofdeposit(CD’s)tradeinthecapitalmarketincompetitionwithothersecuritieslikecommercialpaperandbankers’acceptances.IfCD’smust

2、paylenderscompetitivemonetaryinterest,thereservetaxonCD’sisbornebybankborrowers.Viabilityofthetaxmeanstheremustbesomethingspecialaboutbankloansthatmakessomeborrowerswillingtopayhigherinterestratesthanthoseonothersecuritiesofequivalentrisk.Moreover,theremustbesomethingspecial

3、aboutbanksthatpreventsotherintermediariesfromcompetingtoassurethatitneverpaystofinanceloanswithCD’s,1.IntroductionBanksarerequiredtoholdnon-interest-bearingreservesagainstdemanddeposits.Thebankingliteraturetreatstheinterestsforegoneonreservesasataxondeposits.[See,forexample,

4、Black(1975).]Thepresumptionisthatbanksearnthemarketinterestrateonassetssothereservetaxfallsondepositors.Theviabilityofthedemanddepositreservetaxisthenexplainedintermsofspecialtransactionsservices(redeemabilityforcashandthecheckingsystemforthetransferringclaimsonwealth)thatal

5、lowdemanddepositstopaylowermonetaryinterestthanothersecuritiesofequivalentrisk.Thereisaprobleminthisconventionalstoryabouttheincidenceofthedepositreservetax.Banksalsofinanceassetswithnegotiablecertificatesofdeposit(CD’s).Althoughcalled‘deposits’,negotiableCD’saretransferable

6、securitiesthattradeinthecapitalmarketincompetitionwithothersimilarinstrumentslikecommercialpaperandbankers’acceptances.Unlikedemanddeposits,CD’sprovidenoapparenttransactionsorliquidityservicesnotalsoobtainedfromcommercialpaperorbankersacceptances.Thus,itseemsreasonabletoassu

7、methatCD’smustyieldlendersthesamemonetaryinterestasothersecuritiesofequivalentrisk.Thepresumptionisbuttressedbytable1whichshowsthatduringthe1967-83period,averageyieldsonhighgradeCD’sandbankers’acceptancesofthesamematurityarealmostidentical.Likewise,thedifferencesbetweenavera

8、geyieldsonCD’sandcommercialpaperaretrivialandnotalwaysofthesamesign.*Thecom