Bank Runs and Liquidity Crises
摘要
The financial and economic crisis that broke out in the late 2000s in the United States known as the Great Recession can be interpreted as a bank run gone awry with long-lasting negative spillover effects within and outside the country. In this chapter, we examine both a self-fulfilling and a fundamental-based theory of bank runs, in an environment in which deposit contracts help people insure against liquidity shocks that are their private information.