Banca de QUALIFICAÇÃO: LEVI RABÊLO DE MACÊDO

Uma banca de QUALIFICAÇÃO de DOUTORADO foi cadastrada pelo programa.
STUDENT : LEVI RABÊLO DE MACÊDO
DATE: 09/02/2026
TIME: 10:00
LOCAL: A DEFESA SERÁ REALIZADA POR VIDEOCONFERÊNCIA
TITLE:

Unbundling the Relationship Bank: is the house-bank model dying?

KEY WORDS:

financial intermediation; relationship banking; bank choice; digitalization; Pix; multi-homing;

PAGES: 20
BIG AREA: Ciências Sociais Aplicadas
AREA: Economia
SUMMARY:

This essay studies how the alignment between payments and credit relationships evolves in a rapidly digitalizing banking system. Using monthly administrative microdata from Brazil (2022–2025) that link inter-institution electronic payments (Pix, TED, boletos, and card payments) to the credit registry (SCR), we construct revealed-preference measures of each entity’s dominant payment institution and compare them to the institution holding the largest share of outstanding credit. We define payment–credit bundling as the coincidence between these two relationships and track its evolution over time at multiple dominance thresholds, distinguishing unconditional dynamics from dynamics conditional on having a well-defined dominant payment institution. We document heterogeneity across individuals and firms by economic scale, demographics, geography, and sector, and we characterize within-entity correlations between bundling, Pix usage, and multi-institution engagement. We also construct institution-level counterparts to quantify cross-bank differences and aggregate trends among credit-active users. The results provide transaction-based evidence on how digitalization and multi-homing are associated with the weakening of the traditional “house-bank” model and offer new descriptive facts on the micro-foundations of financial intermediation in Brazil.

COMMITTEE MEMBERS:
Interna - 1546818 - ANA CAROLINA PEREIRA ZOGHBI
Interno - 1642911 - DANIEL OLIVEIRA CAJUEIRO
Externo à Instituição - SAULO BENCHIMOL BASTOS - BACEN