Resumen

FONTENLA, Matias. Corridas bancarias sunspot y de tipo fundamental.Traducido porEduardo L. Suárez. El trimestre econ [online]. 2006, vol.73, n.289, pp.67-86.  Epub 07-Feb-2023. ISSN 2448-718X.  https://doi.org/10.20430/ete.v73i289.554.

This paper builds a banking environment where both fundamental runs (that stress macroeconomic variables, such as negative technology shocks, as the cause of bank runs) and sunspot runs (where self-fulfilling expectations generate equilibria where agents panic and run on banks) coexist. A policy of narrow banking will prevent runs, but holding excessively high levels of liquidity will prevent socially productive investment opportunities, and thus will not be optimal. In addition, banks lose their role as intermediaries under this policy. A policy of suspension of convertibility may reduce welfare relative to the case where bank runs are allowed to take place, ifthe probability of sunspot runs is sufficiently low.

Palabras llave : crisis bancarias; sunspot; elementos fundamentales; banca estrecha; suspensión de convertibilidad.

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