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Liquidity shortages and banking crises

Author: Douglas W Diamond; Raghuram Rajan; National Bureau of Economic Research.
Publisher: Cambridge, Mass. : National Bureau of Economic Research, ©2003.
Series: Working paper series (National Bureau of Economic Research), no. 10071.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
"We show in this paper that bank failures can be contagious. Unlike earlier work where contagion stems from depositor panics or ex ante contractual links between banks, we argue bank failures can shrink the common pool of liquidity, creating or exacerbating aggregate liquidity shortages. This could lead to a contagion of failures and a possible total meltdown of the system. Given the costs of a meltdown, there is a  Read more...
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Additional Physical Format: Print version:
Diamond, Douglas W. (Douglas Warren).
Liquidity shortages and banking crises.
Cambridge, Mass. : National Bureau of Economic Research, ©2003
(OCoLC)53828759
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Douglas W Diamond; Raghuram Rajan; National Bureau of Economic Research.
OCLC Number: 54068565
Notes: "October 2003."
Reproduction Notes: Electronic reproduction. [S.l.] : HathiTrust Digital Library, 2010. MiAaHDL
Description: 1 online resource (39, [3] pages) : illustrations.
Details: Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002.
Series Title: Working paper series (National Bureau of Economic Research), no. 10071.
Responsibility: Douglas W. Diamond, Raghuram G. Rajan.

Abstract:

"We show in this paper that bank failures can be contagious. Unlike earlier work where contagion stems from depositor panics or ex ante contractual links between banks, we argue bank failures can shrink the common pool of liquidity, creating or exacerbating aggregate liquidity shortages. This could lead to a contagion of failures and a possible total meltdown of the system. Given the costs of a meltdown, there is a possible role for government intervention. Unfortunately, liquidity problems and solvency problems interact and can cause each other, making it hard to determine the root cause of a crisis from observable factors. We propose a robust sequence of intervention"--NBER website.

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