Title (Arial bold 30 point) second line title

Title (Arial bold 30 point) second line title

, Bank Runs, Deposit Insurance, and Liquidity Douglas W. Diamond, Philip H. Dybvig " " , 2009 , , . . . . . , , . ( ) "" . 2 " ( ) , , ,

, . 12.06.2009 2 , , mismatch of liquidity . . . ,, . : 12.06.2009

3 , , , ( , ) . T=2 T=1 r2>r1 r1 T=0

r2/r1 . , , .1 12.06.2009 4 , , 2 : 1 r1= C1 1 2 r2= C2 2 0 1 t : 1 ) ( U (ci ) 1 c

" : ) t *U (r1 ) (1 t ) *U (r2 12.06.2009 5 , - , , . 1 ,T=0 1 =0.25t r1 1, r2 R : 2 ) R = ,(2 r1 1.28 1, r2 1.813 R :

, , 1 3 U (1) U (2) 0.375 : 4 4 1 3 U (1.28) U (1.813) 0.391 0.375 : 4 4 :1 12.06.2009 6 , ,

r1 1, r2 ( 2 ) , " , , : 100 T=0 r1 = 1.28, r2 = 1.813 100 75 2 68% 2 2 25 1 1.28*25 = 32 2 1.813= 136/75 = 2*68 12.06.2009 7 ,

- , , 78% - 99.85% , , )100/1.28 = 78( . , , "" : 2 ( ) ( ) . 12.06.2009 8 , ,

r1 , r2 .T=0 r1 1.28 T=1 r2 1.813 .T=2 : }) Max : {t *U (r1 ) (1 t ) *U (r2 s.t. (1)C1 r1 , C2 r2 [1 t * r1 ] * R (2)r2 1 t (3)r1 0, r2 0 ) (r2 U (r1 ) R *U: 12.06.2009 9 , ,

- r2 [1 t * r1 ] * R "" 1 t 1 2 c r22 R 2 r1 1 1 R * r12 r22 [1 t * r1 ] * R 1 t : r2

r2 R r1 R r1 1 t t * R )1( : t ) 2( , R )3( - 12.06.2009 10 , , ( )Nash t ,T=1 ,r1 ( )t-1 T=2 . r2 , ,t - , T=1 ,

, . : % = f T=1 =f * r1 ( % ) T=1 {1 [ f * r1 ]} * R 1 f r2 = r2 ( f ) f .T=2 f t 1 T=1 r2 ( f ) r1 2 T=1 12.06.2009 11 , , , r1 1.28 f t 0.25

r2 1.813 r1 1.28 f 0.6 t r2 1.16 r2

, f , () " " (.)Self-fulfilling prophecy f f 1 ,T=1 : 3 ( .) " " 12.06.2009 13 , ,

, (Suspension of )convertibility f t f t 1 {1 [t * r1 ]} * R r2 (t ) 2 2r1 1 t " " : 4 . 2 12.06.2009 14 , ,

" " " 30- " ". "" , "" , , T=1 1.28 T=2 1.813 " " 12.06.2009 15 , -

, t : 5 , , 12.06.2009 16 ,

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