The DOI matches its Crossref record; 2 of the 2 references it cites were found in a registry or an index.
Optimal Financial Crises
Abstract
Empirical evidence suggests that banking panics are related to the business cycle and are not simply the result of “sunspots.” Panics occur when depositors perceive that the returns on bank assets are going to be unusually low. We develop a simple model of this. In this setting, bank runs can be first‐best efficient: they allow efficient risk sharing between early and late withdrawing depositors and they allow banks to hold efficient portfolios. However, if costly runs or markets for risky assets are introduced, central bank intervention of the right kind can lead to a Pareto improvement in welfare.
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Cites
Agency Costs, Net Worth, And Business Fluctuations
Bernanke, B., Gertler, M., Bernanke, B., & Gertler, M. (1988) · Unknown · doi:10.22004/ag.econ.292693 · Cited by 4,386
Non-Monetary Effects of the Financial Crisis in the Propagation of the Great Depression
Bernanke, B. (1983) · National Bureau of Economic Research · doi:10.3386/w1054 · Cited by 2,173
Cited by
Systemic Risk, Interbank Relations, and Liquidity Provision by the Central Bank
Freixas, X., Parigi, B. M., & Rochet, J.-C. (2000) · Journal of Money, Credit and Banking · doi:10.2307/2601198 · Cited by 1,379
The seeds of a crisis: A theory of bank liquidity and risk taking over the business cycle
Acharya, V., & Naqvi, H. (2012) · Journal of Financial Economics · doi:10.1016/j.jfineco.2012.05.014 · Cited by 650
Deposit Competition and Financial Fragility: Evidence from the US Banking Sector
Egan, M., Hortaçsu, A., & Matvos, G. (2017) · American Economic Review · doi:10.1257/aer.20150342 · Cited by 435
Gorton, G., & Winton, A. (2003) · Handbook of the Economics of Finance · doi:10.1016/s1574-0102(03)01012-4 · Cited by 304
Financial System: Shock Absorber or Amplifier?
Allen, F., & Carletti, E. (2008) · SSRN Electronic Journal · doi:10.2139/ssrn.1165642 · Cited by 23
Self-citation
Metadata
- Authors
- Allen, F., & Gale, D.
- Venue
- The Journal of Finance
- Publisher
- Wiley
- Published
- 1998-08
- Volume
- 53
- Issue
- 4
- Pages
- 1245-1284
- ISSN
- 0022-1082 (ISSN-L)
- 1540-6261
- OpenAlex
- W2170610810
- Cited by
- 1,010
- References
- 2
- FWCI
- 24.39
- Type
- journal article
- Language
- en
- Open access
- closed
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
