Illiquid Banks, Financial Stability, and Interest Rate Policy
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Banks finance illiquid assets with demandable deposits, which discipline bankers but expose them to damaging runs. Authorities may not want to stand by and watch banks collapse. However, unconstrained direct bailouts undermine the disciplinary role of deposits. Moreover, competition forces banks to
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美国国家经济研究局创建时间：
2011-04-01
