Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/203456 
Erscheinungsjahr: 
2019
Schriftenreihe/Nr.: 
Working Paper No. 332
Verlag: 
University of Zurich, Department of Economics, Zurich
Zusammenfassung: 
We model the financial cooperative as an optimal institution sharing liquidity risks among agents with social preference and group identity. Stronger social concerns imply objectively better (worse) conditions for borrowers (depositors). Testing the model, we find that, indeed, deposit and loan rates offered by U.S. credit unions between 1995 and 2014 co-moved with (i) the number of members, and (ii) the common bond. Our theory explains how cooperatives coexist with banks, and why they have tended to be more resilient. However, the analysis also suggests that financial inclusion and advantages in resilience might quickly evaporate as membership requirements get diluted.
Schlagwörter: 
social preferences
group identity
liquidity insurance
cooperative banking
credit union
common bond
bank competition
resilience
JEL: 
G21
D91
L31
G28
Persistent Identifier der Erstveröffentlichung: 
Dokumentart: 
Working Paper

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