A Tale of Two Runs: Depositor Responses to Bank Solvency Risk
利用一家经历两次不同挤兑的银行存款人数据，研究发现贷款客户和银行员工在低偿付风险时更不易挤兑，但在高风险时更易挤兑；未保险存款人对偿付风险敏感，而账户年龄大者挤兑少、交易频繁者挤兑多。
ABSTRACT We examine heterogeneity in depositor responses to solvency risk using depositor‐level data for a bank that faced two different runs. We find that depositors with loans and bank staff are less likely to run than others during a low‐solvency‐risk shock, but are more likely to run during a high‐solvency‐risk shock. Uninsured depositors are also sensitive to bank solvency. In contrast, depositors with older accounts run less, and those with frequent past transactions run more, irrespective of the underlying risk. Our results show that the fragility of a bank depends on the composition of its deposit base.