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Distinguishing Panics and Information-Based Bank Runs: Welfare and Policy Implications

Citations

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Cited by:

  1. Mark M. Spiegel, 2000. "Solvency runs, sunspot runs, and international bailouts," Working Paper Series 2001-05, Federal Reserve Bank of San Francisco.
  2. Gur Huberman & Rafael Repullo, 2013. "Moral Hazard and Debt Maturity," Working Papers wp2013_1311, CEMFI.
  3. repec:esx:essedp:755 is not listed on IDEAS
  4. De Bandt, Olivier & Hartmann, Philipp, 2000. "Systemic risk: A survey," Working Paper Series 0035, European Central Bank.
  5. Chordia, Tarun, 1996. "The structure of mutual fund charges," Journal of Financial Economics, Elsevier, pages 3-39.
  6. Douglas W. Diamond & Raghuram G. Rajan, 2005. "Liquidity Shortages and Banking Crises," Journal of Finance, American Finance Association, vol. 60(2), pages 615-647, April.
  7. Schmidt, Lawrence & Timmermann, Allan G & Wermers, Russ, 2014. "Runs on Money Market Funds," CEPR Discussion Papers 9906, C.E.P.R. Discussion Papers.
  8. Temzelides, Theodosios, 1997. "Evolution, coordination, and banking panics," Journal of Monetary Economics, Elsevier, pages 163-183.
  9. Eichberger, Jürgen & Spanjers, Willy, 2007. "Liquidity and ambiguity : banks or asset markets?," Papers 07-18, Sonderforschungsbreich 504.
  10. Samartin, Margarita, 2003. "Should bank runs be prevented?," Journal of Banking & Finance, Elsevier, vol. 27(5), pages 977-1000, May.
  11. Anil K. Kashyap & Dimitrios P. Tsomocos & Alexandros P. Vardoulakis, 2014. "How does macroprudential regulation change bank credit supply?," NBER Working Papers 20165, National Bureau of Economic Research, Inc.
  12. Haizhou Huang & Chenggang Xu, 2001. "Financial Institutions, Contagious Risks, and Financial Crises," William Davidson Institute Working Papers Series 444, William Davidson Institute at the University of Michigan.
  13. Sree Rama Murthy Y, 2013. "Logit Regression Approach to Rating Banks Using Financial Ratios: A Study of Gulf Cooperation Council Banks," International Journal of Financial Research, International Journal of Financial Research, Sciedu Press, vol. 4(4), pages 107-117, October.
  14. Goldstein, Itay & Razin, Assaf, 2015. "Three Branches of Theories of Financial Crises," Foundations and Trends(R) in Finance, now publishers, vol. 10(2), pages 113-180, 30.
  15. Mehdi Mili & Jean-Michel Sahut, 2014. "Bank liquidity shocks in loan and deposit in emerging markets," Working Papers 2014-210, Department of Research, Ipag Business School.
  16. Schumacher, Liliana, 2000. "Bank runs and currency run in a system without a safety net: Argentina and the 'tequila' shock," Journal of Monetary Economics, Elsevier, pages 257-277.
  17. Bougheas, Spiros, 1999. "Contagious bank runs," International Review of Economics & Finance, Elsevier, pages 131-146.
  18. Bernanke, Ben S, 1983. "Nonmonetary Effects of the Financial Crisis in Propagation of the Great Depression," American Economic Review, American Economic Association, pages 257-276.
  19. Una Okonkwo Osili & Anna Paulson, 2009. "Bank Crises and Investor Confidence," Working Papers 09-02, Center for Economic Studies, U.S. Census Bureau.
  20. Gregor Matvos & Ali Hortacsu & Mark Egan, 2015. "Deposit Competition and Financial Fragility: Evidence from the US Banking Sector," 2015 Meeting Papers 1363, Society for Economic Dynamics.
  21. Gary Gorton & Andrew Winton, 2002. "Financial Intermediation," Center for Financial Institutions Working Papers 02-28, Wharton School Center for Financial Institutions, University of Pennsylvania.
  22. Jank, Stephan & Wedow, Michael, 2015. "Sturm und Drang in money market funds: When money market funds cease to be narrow," Journal of Financial Stability, Elsevier, pages 59-70.
  23. Samartin, Margarita & Cardone, Clara & Bustamante, Rodrigo, 2007. "Was the Argentine corralito an efficient measure?: A note," International Review of Economics & Finance, Elsevier, pages 444-453.
  24. Gregory Connor, 2009. "The Risky Lending Gap," Economics, Finance and Accounting Department Working Paper Series n2010809.pdf, Department of Economics, Finance and Accounting, National University of Ireland - Maynooth.
  25. Carletti, Elena & Leonello, Agnese & Allen, Franklin & Goldstein, Itay, 2017. "Government guarantees and financial stability," Working Paper Series 2032, European Central Bank.
  26. Jean-Paul Pollin & Anne-Gaël Vaubourg, 1998. "L'architecture optimale des systèmes financiers dans les pays émergents," Revue Économique, Programme National Persée, vol. 49(1), pages 223-238.
  27. Ellis W. Tallman & Jon R. Moen, 1990. "Lessons from the panic of 1907," Economic Review, Federal Reserve Bank of Atlanta, pages 2-13.
  28. Ludovic Phalippou & Oliver Gottschalg, 2009. "The Performance of Private Equity Funds," Review of Financial Studies, Society for Financial Studies, pages 1747-1776.
  29. Toni Ahnert & Ali Kakhbod, 2017. "Information Choice and Amplification of Financial Crises," Review of Financial Studies, Society for Financial Studies, pages 2130-2178.
  30. Gerald P. Dwyer & Margarita Samartín, 2006. "Why do banks promise to pay par on demand?," FRB Atlanta Working Paper 2006-26, Federal Reserve Bank of Atlanta.
  31. Allen, Franklin & Gale, Douglas, 1995. "A welfare comparison of intermediaries and financial markets in Germany and the US," European Economic Review, Elsevier, pages 179-209.
  32. Sébastien Vivier-Lirimont, 2004. "Interbanking networks : towards a small financial world ?," Cahiers de la Maison des Sciences Economiques v04046, Université Panthéon-Sorbonne (Paris 1).
  33. Charles W. Calomiris & Matthew Jaremski, 2016. "Deposit Insurance: Theories and Facts," Annual Review of Financial Economics, Annual Reviews, vol. 8(1), pages 97-120, October.
  34. Silvia Magri, 2009. "The financing of small innovative firms: the Italian case," Economics of Innovation and New Technology, Taylor & Francis Journals, vol. 18(2), pages 181-204.
  35. Jank, Stephan & Wedow, Michael, 2010. "Sturm und Drang in money market funds: When money market funds cease to be narrow," CFR Working Papers 10-16, University of Cologne, Centre for Financial Research (CFR).
  36. Douglas W. Diamond & Raghuram G. Rajan, 2001. "Liquidity Risk, Liquidity Creation, and Financial Fragility: A Theory of Banking," Journal of Political Economy, University of Chicago Press, vol. 109(2), pages 287-327, April.
  37. Carmona, Guilherme & Leoni, Patrick, 2003. "Equilibrium Non-Panic Bank Failures," FEUNL Working Paper Series wp424, Universidade Nova de Lisboa, Faculdade de Economia.
  38. Corsetti, Giancarlo & Guimaraes, Bernardo & Roubini, Nouriel, 2006. "International lending of last resort and moral hazard: A model of IMF's catalytic finance," Journal of Monetary Economics, Elsevier, pages 441-471.
  39. Cooper, Russell & Ross, Thomas W., 1998. "Bank runs: Liquidity costs and investment distortions," Journal of Monetary Economics, Elsevier, pages 27-38.
  40. Javier Pérez & A. Sánchez, 2011. "Is there a signalling role for public wages? Evidence for the euro area based on macro data," Empirical Economics, Springer, pages 421-445.
  41. Jeremy Greenwood & Nezih Guner & Georgi Kocharkov & Cezar Santos, 2016. "Technology and the Changing Family: A Unified Model of Marriage, Divorce, Educational Attainment, and Married Female Labor-Force Participation," American Economic Journal: Macroeconomics, American Economic Association, pages 1-41.
  42. Hasman, Augusto & Samartín, Margarita & Bommel, Jos Van, 2013. "Financial contagion and depositor monitoring," Journal of Banking & Finance, Elsevier, vol. 37(8), pages 3076-3084.
  43. Matias Fontenla & Fidel Gonzalez, 2007. "Self-fulfilling and Fundamental Banking Crises: A Multinomial Logit Approach," Economics Bulletin, AccessEcon, pages 1-11.
  44. Trautmann, Stefan T. & Vlahu, Razvan, 2013. "Strategic loan defaults and coordination: An experimental analysis," Journal of Banking & Finance, Elsevier, vol. 37(3), pages 747-760.
  45. Rajkamal Iyer & José-Luis Peydró, 0. "Interbank Contagion at Work: Evidence from a Natural Experiment," Review of Financial Studies, Society for Financial Studies, pages 1337-1377.
  46. Scheepens, J.P.J.F., 1994. "Financial intermediations, bank failure and official assistance," Discussion Paper 1994-97, Tilburg University, Center for Economic Research.
  47. Michael Beenstock, 2010. "Regulatory Failure in the Subprime Crisis," Open Economies Review, Springer, pages 147-150.
  48. Jong-Kun Lee & Biaggio Bossone, 2002. "In Finance, Size Matters," IMF Working Papers 02/113, International Monetary Fund.
  49. Gerald Caprio & Michael Dooley & Danny Leipziger & Carl Walsh, 1996. "The lender of last resort function under a currency board: The case of Argentina," Open Economies Review, Springer, pages 625-650.
  50. José Viñals & Charles Goodhart, 1994. "Strategy and Tactics of Monetary Policy: Examples from Europe and the Antipodes," FMG Special Papers sp61, Financial Markets Group.
  51. Freixas, Xavier & Gabillon, Emmanuelle, 1999. "Optimal Regulation of a Fully Insured Deposit Banking System," Journal of Regulatory Economics, Springer, pages 111-134.
  52. Markus K. Brunnermeier & Martin Oehmke, 2014. "Predatory Short Selling," Review of Finance, European Finance Association, pages 2153-2195.
  53. Eugene N. White & Cormac Ó Gráda, 2003. "The panics of 1854 and 1857 : a view from the Emigration Industrial Savings Bank," Open Access publications 10197/438, School of Economics, University College Dublin.
  54. Alonso, Irasema, 1996. "On avoiding bank runs," Journal of Monetary Economics, Elsevier, pages 73-87.
  55. Ralf Bebenroth & Diemo Dietrich & Uwe Vollmer, 2007. "Bank regulation and supervision in Japan and Germany: A comparison," Discussion Paper Series 211, Research Institute for Economics & Business Administration, Kobe University.
  56. Chatterji, Shurojit; Ghosal, Sayantan, 2010. "Liquidity, moral hazard and bank crises," CAGE Online Working Paper Series 27, Competitive Advantage in the Global Economy (CAGE).
  57. Zuzana Fungacova & Rima Turk & Laurent Weill, 2015. "High Liquidity Creation and Bank Failures," IMF Working Papers 15/103, International Monetary Fund.
  58. Dwyer Jr., Gerald P. & Samartín, Margarita, 2009. "Why do banks promise to pay par on demand?," Journal of Financial Stability, Elsevier, pages 147-169.
  59. William P. Osterberg, 1992. "Intervention and the bid-ask spread in G-3 foreign exchange rates," Economic Review, Federal Reserve Bank of Cleveland, issue Q II, pages 2-13.
  60. Samartín Sáenz, Margarita, 1997. "Optimal allocation of interest rate risk," DEE - Working Papers. Business Economics. WB 7013, Universidad Carlos III de Madrid. Departamento de Economía de la Empresa.
  61. Zhiguo He & Wei Xiong, 2009. "Dynamic Debt Runs," NBER Working Papers 15482, National Bureau of Economic Research, Inc.
  62. Samartín Sáenz, Margarita, 1999. "Costly financial crises," DEE - Working Papers. Business Economics. WB 6517, Universidad Carlos III de Madrid. Departamento de Economía de la Empresa.
  63. Douglas Gale & Xavier Vives, 2002. "Dollarization, Bailouts, and the Stability of the Banking System," The Quarterly Journal of Economics, Oxford University Press, pages 467-502.
  64. Brunnermeier, Markus K. & Oehmke, Martin, 2013. "Bubbles, Financial Crises, and Systemic Risk," Handbook of the Economics of Finance, Elsevier.
  65. Julien Reynaud & Rofikoh Rokhim, 2005. "Do banking crises enhance efficiency ? A case study of 1994 Turkish and 1997 Indonesian crises," Cahiers de la Maison des Sciences Economiques bla05007, Université Panthéon-Sorbonne (Paris 1).
  66. Ioannis Lazopoulos, 2010. "Optimal Intermediation Under Aggregate Consumption Uncertainty," School of Economics Discussion Papers 0710, School of Economics, University of Surrey.
  67. Bleaney, Michael & Bougheas, Spiros & Skamnelos, Ilias, 2008. "A model of the interactions between banking crises and currency crises," Journal of International Money and Finance, Elsevier, pages 695-706.
  68. Lenzu, Simone & Tedeschi, Gabriele, 2012. "Systemic risk on different interbank network topologies," Physica A: Statistical Mechanics and its Applications, Elsevier, pages 4331-4341.
  69. Allen, Franklin & Carletti, Elena & Goldstein, Itay & Leonello, Agnese, 2015. "Government Guarantees and Financial Stability," CEPR Discussion Papers 10560, C.E.P.R. Discussion Papers.
  70. Loewy, Michael B., 1998. "Information-Based Bank Runs in a Monetary Economy," Journal of Macroeconomics, Elsevier, pages 681-702.
  71. Piero Gottardi & Felix Kubler, 2015. "Dynamic Competitive Economies with Complete Markets and Collateral Constraints," Review of Economic Studies, Oxford University Press, pages 1119-1153.
  72. S. Rao Aiyagari, 1988. "Banking panics, information, and rational expectations equilibrium," Working Papers 320, Federal Reserve Bank of Minneapolis.
  73. Schnabel, Isabel, 2002. "The Great Banks` Depression - Deposit Withdrawals in the German Crisis of 1931," Sonderforschungsbereich 504 Publications 03-11, Sonderforschungsbereich 504, Universität Mannheim;Sonderforschungsbereich 504, University of Mannheim.
  74. Ting-Fang Chiang & E-Ching Wu & Min-Teh Yu, 2007. "Premium setting and bank behavior in a voluntary deposit insurance scheme," Review of Quantitative Finance and Accounting, Springer, pages 205-222.
  75. Antoine Martin, 2006. "Liquidity provision vs. deposit insurance: preventing bank panics without moral hazard," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), pages 197-211.
  76. Balkenborg, Dieter & Vermeulen, Dries, 2014. "Universality of Nash components," Games and Economic Behavior, Elsevier, pages 67-76.
  77. Tillmann, Peter, 2013. "Capital inflows and asset prices: Evidence from emerging Asia," Journal of Banking & Finance, Elsevier, vol. 37(3), pages 717-729.
  78. Charles W. Calomiris & Gary Gorton, 1991. "The Origins of Banking Panics: Models, Facts, and Bank Regulation," NBER Chapters,in: Financial Markets and Financial Crises, pages 109-174 National Bureau of Economic Research, Inc.
  79. François Marini, 2003. "Bank Insolvency, Deposit Insurance, and Capital Adequacy," Journal of Financial Services Research, Springer;Western Finance Association, pages 67-78.
  80. Michele Manna & Carmela Iazzetta, 2009. "The topology of the interbank market: developments in Italy since 1990," Temi di discussione (Economic working papers) 711, Bank of Italy, Economic Research and International Relations Area.
  81. Olivier De Jonghe & Mustafa Disli & Koen Schoors, 2012. "Corporate Governance, Opaque Bank Activities, and Risk/Return Efficiency: Pre- and Post-Crisis Evidence from Turkey," Journal of Financial Services Research, Springer;Western Finance Association, pages 51-80.
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  83. Devenow, Andrea & Welch, Ivo, 1996. "Rational herding in financial economics," European Economic Review, Elsevier, pages 603-615.
  84. Jean-Charles Rochet & Xavier Vives, 2004. "Coordination Failures and the Lender of Last Resort: Was Bagehot Right After All?," Journal of the European Economic Association, MIT Press, pages 1116-1147.
  85. Davis, E. Philip & Karim, Dilruba, 2008. "Comparing early warning systems for banking crises," Journal of Financial Stability, Elsevier, pages 89-120.
  86. Chakravarty, Surajeet & Fonseca, Miguel A. & Kaplan, Todd R., 2014. "An experiment on the causes of bank run contagions," European Economic Review, Elsevier, pages 39-51.
  87. Ganić Mehmed, 2014. "An Empirical Study on Liquidity risk and its determinants in Bosnia and Herzegovina," Romanian Economic Journal, Department of International Business and Economics from the Academy of Economic Studies Bucharest, pages 157-183.
  88. Proto, Eugenio, 2005. "Growth expectations and banking system fragility in developing economies," BOFIT Discussion Papers 13/2005, Bank of Finland, Institute for Economies in Transition.
  89. Douglas Gale & Xavier Vives, 2002. "Dollarization, Bailouts, and the Stability of the Banking System," The Quarterly Journal of Economics, Oxford University Press, pages 467-502.
  90. Frank Schmielewski, 2012. "Leveraging and risk taking within the German banking system: Evidence of the financial crisis in 2007 and 2008," Working Paper Series in Economics 229, University of Lüneburg, Institute of Economics.
  91. Xavier Vives, 2012. "Strategic Complementarity, Fragility, and Regulation," 2012 Meeting Papers 789, Society for Economic Dynamics.
  92. Mandelman, Federico S., 2010. "Business cycles and monetary regimes in emerging economies: A role for a monopolistic banking sector," Journal of International Economics, Elsevier, vol. 81(1), pages 122-138, May.
  93. Iori, Giulia & Jafarey, Saqib & Padilla, Francisco G., 2006. "Systemic risk on the interbank market," Journal of Economic Behavior & Organization, Elsevier, pages 525-542.
  94. João Santos, 1998. "Commercial Banks in the Securities Business: A Review," Journal of Financial Services Research, Springer;Western Finance Association, pages 35-60.
  95. François Marini, 1992. "Les fondements micro-économiques du concept de panique bancaire, une introduction," Revue Économique, Programme National Persée, vol. 43(2), pages 301-326.
  96. Gorton, Gary & Winton, Andrew, 2003. "Financial intermediation," Handbook of the Economics of Finance,in: G.M. Constantinides & M. Harris & R. M. Stulz (ed.), Handbook of the Economics of Finance, edition 1, volume 1, chapter 8, pages 431-552 Elsevier.
  97. Stefania Albanesi, 2008. "Selection and Incentives: Optimal Taxation with Occupational Choice and Private Information," 2008 Meeting Papers 234, Society for Economic Dynamics.
  98. Juha-Pekka Niinimäki, 2003. "Maturity Transformation without Maturity Mismatch and Bank Panics," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 159(3), pages 511-511, September.
  99. Samartín Sáenz, Margarita, 1998. "Bank runs, suspension of convertibility versus deposit insurance," DEE - Working Papers. Business Economics. WB 6529, Universidad Carlos III de Madrid. Departamento de Economía de la Empresa.
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  101. François Marini, 2006. "Optimal financial crises: A note on Allen and Gale," The Geneva Papers on Risk and Insurance Theory, Springer;International Association for the Study of Insurance Economics (The Geneva Association), pages 61-66.
  102. Beck, T.H.L., 2011. "The Role of Finance in Economic Development : Benefits, Risks, and Politics," Discussion Paper 2011-141, Tilburg University, Center for Economic Research.
  103. Lawrence Sáez & Xianwen Shi, 2004. "Liquidity Pools, Risk Sharing, and Financial Contagion," Journal of Financial Services Research, Springer;Western Finance Association, pages 5-23.
  104. Dicks, David & Fulghieri, Paolo, 2015. "Uncertainty Aversion and Systemic Risk," CEPR Discussion Papers 10510, C.E.P.R. Discussion Papers.
  105. Ioannis Lazopoulos, 2005. "Cycles And Banking Crisis," Money Macro and Finance (MMF) Research Group Conference 2005 15, Money Macro and Finance Research Group.
  106. Franklin Allen & Elena Carletti, 2013. "Financial Markets, Institutions and Liquidity," RBA Annual Conference Volume,in: Alexandra Heath & Matthew Lilley & Mark Manning (ed.), Liquidity and Funding Markets Reserve Bank of Australia.
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  134. Jean-Charles Rochet & Xavier Vives, 2004. "Coordination Failures and the Lender of Last Resort: Was Bagehot Right After All?," Journal of the European Economic Association, MIT Press, pages 1116-1147.
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  146. Jank, Stephan & Wedow, Michael, 2015. "Sturm und Drang in money market funds: When money market funds cease to be narrow," Journal of Financial Stability, Elsevier, pages 59-70.
  147. Stephanie Chan & Sweder van Wijnbergen, 2014. "Cocos, Contagion and Systemic Risk," Tinbergen Institute Discussion Papers 14-110/VI/DSF79, Tinbergen Institute, revised 29 Oct 2014.
  148. Pablo Hernández de Cos & Enrique Moral-Benito & Gerrit B. Koester & Christiane Nickel, 2014. "Signalling fiscal stress in the euro area: A country-specific early warning system," Working Papers 1418, Banco de España;Working Papers Homepage.
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  152. Michael Bordo, 2000. "Sound Money and Sound Financial Policy," Journal of Financial Services Research, Springer;Western Finance Association, pages 129-155.
  153. Lawrence Schmidt & Allan Timmermann & Russ Wermers, 2016. "Runs on Money Market Mutual Funds," American Economic Review, American Economic Association, pages 2625-2657.
  154. Lenzu, Simone & Tedeschi, Gabriele, 2012. "Systemic risk on different interbank network topologies," Physica A: Statistical Mechanics and its Applications, Elsevier, pages 4331-4341.
  155. Allen, Franklin & Carletti, Elena & Gale, Douglas, 2014. "Money, financial stability and efficiency," Journal of Economic Theory, Elsevier, pages 100-127.
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