Deposit rate sensitivity of credit union shares |
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| Authors: | Liliana V. Stern Steve Swidler Christoph Hinkelmann |
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| Affiliation: | (1) Department of Economics, Auburn University, Auburn, AL 36849, USA;(2) Department of Finance, Auburn University, Auburn, AL 36849, USA;(3) Nicholas-Applegate Capital Management, San Diego, CA 92101, USA;(4) J. Stanley Mackin Professor of Finance, Department of Finance, Auburn University, Lowder Bldg 303, Auburn, AL 36849, USA |
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| Abstract: | This study examines the factors that are related to the growth of credit union liabilities. We use individual credit union data on deposit categories and their associated interest rates to measure the effect of interest rate changes on the growth rates of total shares and five of its subcomponents. After controlling for credit union size, previous growth, and market interest rates, we find that while total share growth is related to individual credit union regular share and money market rates, it is most affected by share certificate rates. With the exception of share drafts, the growth in other deposit categories is significantly affected by the interest rate a credit union offers for those particular accounts. Finally, we provide evidence that, in general, the growth rate of a deposit category is negatively related to interest rates offered on other types of accounts. |
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| Keywords: | Credit Union Savings Share Deposits |
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