Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/70444 
Autor:innen: 
Erscheinungsjahr: 
2007
Schriftenreihe/Nr.: 
CAE Working Paper No. 07-15
Verlag: 
Cornell University, Center for Analytical Economics (CAE), Ithaca, NY
Zusammenfassung: 
Traditional models of bank runs do not allow for herding effects, because in these models withdrawal decisions are assumed to be made simultaneously. I extend the banking model to allow a depositor to choose his withdrawal time. When he withdraws depends on his liquidity type (patient or impatient), his private, noisy signal about the quality of the bank's portfolio, and the withdrawal histories of the other depositors. In some cases, the optimal banking contract permits herding runs. Some of these runs are efficient in that the bank is liquidated before the portfolio worsens. Others are not efficient; these are cases in which the herd is misled.
Schlagwörter: 
bank runs
herding
imperfect information
perfect Bayesian equilibrium
optimal bank contract
sequential-move game
fundamental-based bank runs
JEL: 
C73
D82
E59
G21
Dokumentart: 
Working Paper

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