In this paper we contrast panics and information-based bank runs in an effort to provide a
robust and empirically plausible model of how bank runs are triggered. The model of …

This paper explores the role of demand deposits in risk sharing. Demand deposits coupled
with restricted trading opportunities are shown to provide greater risk sharing than equity …

We examine market crashes in the multiperiod framework of Glosten and Milgrom (1985) .
Our analysis shows that if the market’s prior beliefs underestimate the extent of dynamic …

In an economy with uninsured banks, market rate deposits are shown to provide services
identical to fixed rate deposits without risking banking panics as long as there is not both …

This thesis applies the concepts of information economics to the theory of banking. The
premise of this thesis is that in order to develop an efficient banking system there are two …

By considering a broad class of securities offerings that we termcapital structurings, a firm
can always avoid pooling with firms whose prospects are poorer. This result implies that firms …

… Charles J. Jacklin … Jacklin, 1993. "Bank capital requirements and incentives for lending,"
Working Papers in Applied Economic Theory 93-07, Federal Reserve Bank of San Francisco. …

Conventional wisdom suggests that attempting to add value through the active management
of currencies is doomed to failure due to the efficiency of the currency market. However, this …

Leading investment professionals from BNY Mellon Asset Management discuss structural
differences in equity and fixed income markets that affected the ability to transact during the …