Deposits are central to bank funding and financial stability. We study how Brazil’s instant payment system, Pix, introduced by the Central Bank in November 2020, affects deposit levels and volatility. Using monthly bank-municipality panel data from 2010 to 2025, we exploit three features of Pix for identification: mandatory participation for large banks, cross-sectional variation in adoption by consumers and firms, and the unexpected shift from traditional payment instruments to instant transfers. We find that Pix increases bank deposits, consistent with greater financial inclusion and faster money circulation. At the local level, Pix raises deposit volatility, likely due to quicker reallocation of funds across banks.
Comissão Organizadora
Comissão Científica
Ferramenta completa de submissão, avaliação e publicação de anais para eventos científicos.
