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1、JournalofFinancialEconomics111(2014)646–660ContentslistsavailableatScienceDirectJournalofFinancialEconomicsjournalhomepage:www.elsevier.com/locate/jfecCrisesandconfidence:Systemicbankingcrises$anddepositorbehaviorab,nUnaOkonkwoOsili,AnnaPaulsonaIndianaUniversity-PurdueUnivers
2、ityatIndianapolis,USAbFederalReserveBankofChicago,230S.LaSalleStreet,Chicago,IL60604,USAarticleinfoabstractArticlehistory:Weshowthatindividualswhohaveexperiencedasystemicbankingcrisisare11Received20December2012percentagepointslesslikelytousebanksintheU.S.thanotherwisesimilari
3、ndividualsReceivedinrevisedformwhoemigratedfromthesamecountrybutdidnotlivethroughacrisis.Thisfindingis4April2013robusttocontrollingforexposuretoothermacroeconomiceventsandtovariousmethodsAccepted6May2013foraddressingpotentialbiasduetomigrantself-selection.Consistentwiththevie
4、wthatAvailableonline18November2013personalexperienceplaysanimportantroleindecision-making,theeffectsarelargerforJELclassification:individualswhowereolderandmorelikelytohavehadwealthentrustedtothebankingG01systematthetimeofthecrisisandforpeoplewhoexperiencedcrisesincountriesG1
5、1withoutdepositinsurance.O16&2013ElsevierB.V.Allrightsreserved.D83Keywords:SystemicbankingcrisesConfidenceDepositinsuranceReinforcementlearningImmigrants1.IntroductionConfidenceinthestabilityofthebankingsectoriscriticalforfinancialmarketstofunctioneffectively.Inthe☆Thispaperh
6、asbenefittedfromthecommentsofananonymouswakeoftherecentglobalfinancialcrisis,confidenceinrefereeaswellasseminarparticipantsatBostonUniversity,theFederalfinancialinstitutionsfelldramaticallyintheU.S.andinReserveBanksofBostonandChicago,theUniversityofChicago,theotherindustriali
7、zedcountries.EvidenceofthedeclineinInternationalMonetaryFund,IUPUI,WellesleyCollege,andYaleUni-versity.WethankDanAaronson,JoeAltonji,SandeepBaliga,Kristinconfidenceincludedthereemergenceofold-fashionedButcher,JeffCampbell,ElianaLaFerrara,UlrikeMalmendier,Markbankruns,withdepo
8、sitorslinedupoutsidethedoorsofRosenzweig,andPaolaSapienzaforhelpfulc
