Liquidity Shortages and Banking Crises
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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
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美国国家经济研究局创建时间：
2003-11-01
