Interbank Market Freezes and Creditor Runs
研究了银行间市场交易与金融机构债权人挤兑之间的反馈机制，表明小冲击可放大为市场冻结和流动性蒸发，对理解金融危机传导有参考价值。
We model the interplay between trade in the interbank market and creditor runs on financial institutions. We show that the feedback between them can amplify a small shock into “interbank market freezing” with “liquidity evaporating.” Credit crunches of the interbank market drive up the interbank rate. For an individual institution, a higher interbank rate — meaning a higher funding cost — results in more severe coordination problems among creditors in debt rollover decisions. Creditors thus behave more conservatively and run more often. Facing an increased chance of creditor runs, institutions demand more and supply less liquidity, tightening the interbank market. Received September 29, 2014; accepted March 7, 2016 by Editor Itay Goldstein.