آیا سپرده های مدت دار از پدیده گریز از بانک‌ها جلوگیری می کنند؟

In this paper the Diamond and Dybvig (J. Politic. Econ. 91 (1983) 401) model is extended by small consumption shocks; that is, an agent may encounter either a small shock or a big (full) shock. We show that a bank can issue liquid demand deposits and still avoid panics, if it also issues time deposits, which have a low liquidation value. Each agent splits his endowment between the two deposit types. If an agent later encounters a small, common consumption shock he withdraws demand deposits, whereas a big, rare shock requires that time deposits are also liquidated. Agents who withdraw only demand deposits benefit from liquidity.