پدیده گریز از بانک‌ها و هجوم به ارز در یک سیستم بدون یک شبکه امن: آرژانتین و شوک آب لیمو

This paper tests the random-withdrawals vs. informed-based theories of bank runs in the context of the bank panic that took place in Argentina as a consequence of the Mexican devaluation of December 20, 1994. This evidence is unique in several ways: it is the case of a contemporary banking system with virtually no explicit safety net (a currency board with no deposit insurance scheme) and a case in which the bank runs were triggered by a currency run. The findings of the paper provide support to the informed-based theories and show that depositors are concerned with the impact of a currency run on bank solvency.