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Bank Runs as an Equilibrium Phenomenon

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  • Postlewaite, Andrew
  • Vives, Xavier

Abstract

A standard demand-deposit contract in which individuals are entitled to their full deposit at any time provided the bank is solvent is analyzed in a context in which there are no exogenous events on which agents condition their behavior and a unique equilibrium involving a bank run with positive probability is shown to exist. Copyright 1987 by University of Chicago Press.

Suggested Citation

  • Postlewaite, Andrew & Vives, Xavier, 1987. "Bank Runs as an Equilibrium Phenomenon," Journal of Political Economy, University of Chicago Press, vol. 95(3), pages 485-491, June.
  • Handle: RePEc:ucp:jpolec:v:95:y:1987:i:3:p:485-91
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