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A Systematic Banking Collapse in a Perfect Foresight World

  • Robert P. Flood
  • Peter M. Garber

In this paper we present a model in which a systematic banking collapse is possible in a perfect foresight, general equilibrium context. Our aim is to determine con3itions under which a collapse will eventually occur and the timing of such a collapse. The collapse can occur endogenously, driven by market fundamentals. Alternatively, it can be caused by a mass hysteria which generates itself in reality. Vie also compare the assumptions and implications of our model to the observable phenomena of the 1930's.

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File URL: http://www.nber.org/papers/w0691.pdf
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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 0691.

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Date of creation: Jun 1981
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Handle: RePEc:nbr:nberwo:0691
Note: EFG
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  1. Flood, Robert P & Garber, Peter M, 1984. "Gold Monetization and Gold Discipline," Journal of Political Economy, University of Chicago Press, vol. 92(1), pages 90-107, February.
  2. Buyer, Russell S. & Hodrick, Robert J., 1982. "The dynamic adjustment path for perfectly foreseen changes in monetary policy," Journal of Monetary Economics, Elsevier, vol. 9(2), pages 185-201.
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