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From Mary Poppins to Northern Rock: reflections of modern bank runs

Author

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  • Bernardo Bortolotti
  • Hyun Song Shin

Abstract

La corsa agli sportelli di Northern Rock, avvenuta nel settembre del 2007, rappresenta il primo grande incidente della crisi finanziaria globale. Anche se in televisione abbiamo visto i risparmiatori in coda davanti alle filiali della banca, il caso di Northern Rock è completamente diverso dalla classica corsa agli sportelli da "coordination failure" fra i risparmiatori. Contrariamente a quello che generalmente si pensa, neanche il ricorso alle cartolarizzazioni è stato un fattore determinante del suo fallimento. La vera ragione della crisi fu una combinazione esplosiva di eccesso di leva ed eccessiva dipendenza da fonti di finanziamento a breve. Quando nell'agosto del 2007 iniziò il "deleveraging", Northern Rock rimase colpita in modo eccezionale dalla contrazione del credito a seguito della crescita progressiva dei rischi. Questa storia insegna quindi che la regolamentazione finanziaria basata sui requisiti patrimoniali ponderati per il rischio può risultare completamente inefficace nei confronti di queste corse agli sportelli moderne.

Suggested Citation

  • Bernardo Bortolotti & Hyun Song Shin, 2009. "From Mary Poppins to Northern Rock: reflections of modern bank runs," Mercato Concorrenza Regole, Società editrice il Mulino, issue 1, pages 79-94.
    • Handle: RePEc:mul:jhpfyn:doi:10.1434/29271:y:2009:i:1:p:79-94
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    Cited by:

    1. Xuewen Liu & Antonio S. Mello, 2017. "The Creditor Channel of Liquidity Crises," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 49(6), pages 1113-1160, September.
    2. Schupp, Fabian & Silbermann, Leonid, 2017. "The role of structural funding for stability in the German banking sector," Discussion Papers 03/2017, Deutsche Bundesbank.

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