Liquidity Shortages and Banking Crises
论证银行倒闭会通过缩小共同流动性池子引发传染，导致系统性崩溃，并探讨流动性问题与偿付能力问题的相互影响及政府干预的稳健顺序。
ABSTRACT We show in this article that bank failures can be contagious. Unlike earlier work where contagion stems from depositor panics or contractual links between banks, we argue that bank failures can shrink the common pool of liquidity, creating, or exacerbating aggregate liquidity shortages. This could lead to a contagion of failures and a total meltdown of the system. Given the costs of a meltdown, there is a possible role for government intervention. Unfortunately, liquidity and solvency problems interact and can cause each other, making it hard to determine the cause of a crisis. We propose a robust sequence of intervention.