摘要：Building upon Lee (2013), this paper puts forward a methodological issue and presents a simple numerical example
showing that the extent of systemic liquidity shortages due to a contagious funding run is strictly dependent on the
seniority assigned to the different categories of claimants wishing to withdraw funds from financial intermediaries. In
more detail, we find that a clearing payment algorithm based on the priority of interbank debt over depositors is found
to potentially underestimate such liquidity shortages, if compared to a seniority rule working the other way round. This
aspect may be of interest for supervisors implementing macro-prudential stress-testing exercises.
