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Bank Runs, Deposit Insurance, and Liquidity (2000)

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by Douglas W. Diamond , Philip H. Dybvig
Venue:Journal of Political Economy
Citations:361 - 3 self
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BibTeX

@ARTICLE{Diamond00bankruns,,
    author = {Douglas W. Diamond and Philip H. Dybvig},
    title = {Bank Runs, Deposit Insurance, and Liquidity},
    journal = {Journal of Political Economy},
    year = {2000},
    volume = {91},
    pages = {401--419}
}

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Abstract

This article develops a model which shows that bank deposit contracts can provide allocations superior to those of exchange markets, offering an explanation of how banks subject to runs can attract deposits. Investors face privately observed risks which lead to a demand for liquidity. Traditional demand deposit contracts which provide liquidity have multiple equilibria, one of which is a bank run. Bank runs in the model cause real economic damage, rather than simply reflecting other problems. Contracts which can prevent runs are studied, and the analysis shows that there are circumstances when government provision of deposit insurance can produce superior contracts. This article is reprinted from the Journal of Political Economy (June 1983, vol. 91, no. 3, pp. 401--19) with the permission of the University of Chicago Press. The views expressed herein are those of the authors and not necessarily those of the Federal Reserve Bank of Minneapolis or the Federal Reserve System. ...

Citations

505 Financial Intermediation and Delegated Monitoring - Diamond - 1984
309 A Monetary History of the United States - Friedman, Schwartz - 1963
144 Nonmonetary effects of the financial crisis in the propagation of the Great Depression - Bernanke - 1983
144 An Analytic Derivation of the Cost of Deposit Insurance and Loan Guarantees - Merton - 1977
70 A model of reserves, bank runs, and deposit insurance, Journal of Banking and Finance - Bryant - 1980
60 Self-fulfilling prophecies - Azariadis - 1981
49 Deposit Insurance and Bank Regulation: A Partial-Equilibrium Exposition - Kareken, Wallace - 1978
41 Do sunspots matter - Cass, Shell - 1983
33 Adoption Externalities as Public Goods - Dybvig, Spatt - 1983
17 The Purchasing Power of Money: Its Determination and Relation to Credit Interest and Crises - Fisher - 1925
12 The Theory of Money - Niehans - 1978
12 Money, Interest and Prices: An Integration of Monetary and Value - Patinkin - 1965
10 Banks, bankruptcy, and public regulation - Dothan, Williams - 1980
1 Microfoundations of wage rigidity and unemployment - Dybvig, Jaynes - 1980
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