Insurance and Assurance: Government Interventions and Depositor Behavior in Crisis

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ID: 333117
2026
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Abstract
Abstract We examine how different forms of government intervention - explicit deposit insurance, implicit guarantees from nationalization, and assurance effects from re-privatization - shape depositor behavior during a banking crisis. Using proprietary monthly account-level data, we show that depositors respond to formal insurance limits even in an environment of broad state support, but adjust only partially. Stabilization is markedly stronger after the takeover by a financially strong private bank than during state ownership, despite unchanged statutory coverage. These patterns are inconsistent with a strong bailout-expectations view in which explicit insurance is largely irrelevant and instead point to credibility as a key determinant of depositor behavior. We further show that political trust amplifies the effectiveness of government guarantees. Overall, our findings highlight that the form and credibility of government backstops, rather than coverage levels alone, are central to retail deposit funding stability during crises.
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openalex_W7223005842 Use this key to autocite in the manuscript while using SciMatic Manuscript Manager or Thesis Manager
Authors Sümeyra Atmaca, Karolin Kirschenmann, Steven R. G. Ongena, Koen J. L. Schoors
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Journal international review of finance
Year 2026
DOI
10.1093/rof/rfag048
URL
https://doi.org/10.1093/rof/rfag048
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