بانک ها، سررسی بدهی و بحران های مالی

We develop a model in which the maturity of external debt of banks, their level of international reserves, and the term structure of interest rates are jointly determine. Self-fulfilling runs may occur, and banks take this possibility into account when choosing the structure of their assets and liabilities. If the probability of a run is sufficiently small banks will deliberately choose an illiquid asset-liability position and expose themselves to a run. In that case, short term debt will be cheaper than long term debt, and the maturity structure of foreign debt will depend on attitudes towards risk.