Economic fundamentals and bank runs
HM Ennis - FRB Richmond Economic Quarterly, 2003 - papers.ssrn.com
FRB Richmond Economic Quarterly, 2003•papers.ssrn.com
Recent research has argued that the multiple-equilibria explanation of bank runs is
inconsistent with a basic stylized fact: bank runs tend to occur under poor economic
conditions. This conclusion is not well justified. Reasonable theories that explain bank runs
as self-fulfilling events can also explain the correlation of bank runs with deteriorating
economic fundamentals.
inconsistent with a basic stylized fact: bank runs tend to occur under poor economic
conditions. This conclusion is not well justified. Reasonable theories that explain bank runs
as self-fulfilling events can also explain the correlation of bank runs with deteriorating
economic fundamentals.
Abstract
Recent research has argued that the multiple-equilibria explanation of bank runs is inconsistent with a basic stylized fact: bank runs tend to occur under poor economic conditions. This conclusion is not well justified. Reasonable theories that explain bank runs as self-fulfilling events can also explain the correlation of bank runs with deteriorating economic fundamentals.
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