Reallocating Liquidity to Resolve a Crisis: Evidence from the Panic of 1873
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https://www.nber.org/papers/w28870
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资源简介：
We study financial stability with constraints on central bank intervention in a model with belief-driven bank runs. A pecuniary externality arises in the decentralized market for interbank loans and leads to excessively many bank failures. A forced reallocation of liquidity across banks improves
提供机构：
美国国家经济研究局
创建时间：
2021-05-01
