Liquidity Shortages and Banking Crises
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Banks can fail either because they are insolvent or because an aggregate shortage of liquidity can render them insolvent. We show that bank failures can themselves cause liquidity shortages. The failure of some banks can then lead to a cascade of failures and a possible total meltdown of the system.
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美国国家经济研究局创建时间：
2002-05-01
