期刊名称：Discussion Papers / Department of Economics, University of Essex
出版年度：2006
卷号：2006
出版社：University of Essex
摘要：In the literature on bank runs where depositors decide whether to withdraw early
from the bank or not based on the noisy signals they receive about the future
returns, a unique equilibrium is established with a threshold level below which
depositor would withdraw. However, these papers assume precise information. In
reality noise levels need not be very small. The information that is available
to the depositors can be endogenised. This paper finds that to either minimise
the probability of a bank-run or maximise the expected utility of the
depositors, there should be high transparency of the banks' long term returns.
