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1、FederalReserveBankofMinneapolisQuarterlyReviewVol.24,No.1,Winter2000,pp.14–23BankRuns,DepositInsurance,andLiquidityDouglasW.DiamondPhilipH.DybvigTheodoreO.YntemaProfessorBoatmen’sBancsharesProfessorofFinanceofBankingandFinanceGraduateSchoolofBusinessJohnM.
2、OlinSchoolofBusinessUniversityofChicagoWashingtonUniversityinSt.LouisAbstractThisarticledevelopsamodelwhichshowsthatbankdepositcontractscanprovideallocationssuperiortothoseofexchangemarkets,offeringanexplanationofhowbankssubjecttorunscanattractdeposits.Inv
3、estorsfaceprivatelyobservedriskswhichleadtoademandforliquidity.Traditionaldemanddepositcontractswhichprovideliquidityhavemultipleequilibria,oneofwhichisabankrun.Bankrunsinthemodelcauserealeconomicdamage,ratherthansimplyreflectingotherproblems.Contractswhich
4、canpreventrunsarestudied,andtheanalysisshowsthattherearecircumstanceswhengovernmentprovisionofdepositinsurancecanproducesuperiorcontracts.ThisarticleisreprintedfromtheJournalofPoliticalEconomy(June1983,vol.91,no.3,pp.401–19)withthepermissionoftheUniversity
5、ofChicagoPress.TheviewsexpressedhereinarethoseoftheauthorsandnotnecessarilythoseoftheFederalReserveBankofMinneapolisortheFederalReserveSystem.Thisarticledevelopsamodelwhichshowsthatbankdepositnamely,suspensionofconvertibilityanddemanddepositcontractscanpro
6、videallocationssuperiortothoseofexchangeinsurance(whichworkssimilarlytoacentralbankservingmarkets,offeringanexplanationofhowbankssubjecttorunsaslenderoflastresort).canattractdeposits.InvestorsfaceprivatelyobservedrisksTheilliquidityofassetsentersourmodelth
7、roughthewhichleadtoademandforliquidity.Traditionaldemandde-economy’srisklessproductionactivity.Thetechnologypositcontractswhichprovideliquidityhavemultipleequilibria,provideslowlevelsofoutputperunitofinputifoperatedoneofwhichisabankrun.Bankrunsinthemodelca
8、userealforasingleperiod,buthighlevelsofoutputifoperatedforeconomicdamage,ratherthansimplyreflectingotherproblems.twoperiods.TheanalysiswouldbethesameiftheassetContractswhichcanpreventrunsarestudied,andtheanaly
