System‐Wide Runs and Financial Collapse
建立模型说明，当资产价值遭受小冲击后，由于贷款人无法区分哪些金融机构受损，健康机构通过减少借款来显示自身实力，但这会导致资产抛售，进而可能引发整个金融体系的崩溃。
Abstract This paper presents a model in which small shocks to asset values can trigger system‐wide runs. When lenders cannot distinguish which financial institutions have suffered losses after an adverse shock to asset values, healthier institutions can differentiate themselves from weaker firms by offering to borrow less at more favorable prices. However, to successfully separate, the healthy institutions must liquidate a fraction of their portfolio causing asset fire sales. Fire sales worsen the balance sheet integrity of the firms and, if too severe, this leads to a complete collapse of the financial system: a system‐wide run.