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1、JournalofMonetaryEconomics46(2000)257}277Bankrunsandcurrencyruninasystemwithoutasafetynet:Argentinaandtheq&tequila'shockLilianaSchumacher*InternationalMonetaryFund,70019thStreetNW,Room6421,Washington,DC20431,USAReceived3November1997;receivedinrevisedform9March1999;accepted27
2、September1999AbstractThispaperteststherandom-withdrawalsvs.informed-basedtheoriesofbankrunsinthecontextofthebankpanicthattookplaceinArgentinaasaconsequenceoftheMexicandevaluationofDecember20,1994.Thisevidenceisuniqueinseveralways:itisthecaseofacontemporarybankingsystemwithvi
3、rtuallynoexplicitsafetynet(acurrencyboardwithnodepositinsurancescheme)andacaseinwhichthebankrunsweretriggeredbyacurrencyrun.The"ndingsofthepaperprovidesupporttotheinformed-basedtheoriesandshowthatdepositorsareconcernedwiththeimpactofacurrencyrunonbanksolvency.(2000ElsevierSc
4、ienceB.V.Allrightsreserved.JELclassixcation:G15;G21Keywords:Currencyrun;BankrunsqThispaperisbasedonchapter3ofmyPh.D.dissertationattheUniversityofChicago.IwouldliketothankmyThesisAdvisorsCommittee}DouglasDiamond,YairMundlak,andRaguRajan}forsupportandadvice.Specialthanksalsogo
5、toMarioBlejer,GeorgeBenston,EdwardKane,GabrielLopetegui,AnthonySaunders,andWalterSosaforcarefulreadingofapreviousversionofthispaper;toCharlesCalomiris,MarceloDabos,RoqueFernandezandPabloGuidottiforcommentsandvaluablesuggestions;andtotheCentralBankofArgentinaforprovisionofdat
6、a.Ofcourse,allresponsibilitiesremainmine.*Tel.:202-623-9416.0304-3932/00/$-seefrontmatter(2000ElsevierScienceB.V.Allrightsreserved.PII:S0304-3932(00)00022-2258L.Schumacher/JournalofMonetaryEconomics46(2000)257}2771.IntroductionInrecentyears,bankingtheoryandempiricalresearchh
7、avefocusedonthenatureofbankrunsandpanics.ThispaperstudiessomenewevidencefromabankpanicthatwastriggeredinArgentinabytheMexicandevaluationofDecember20,1994}knownastheTequilashock}Theevidenceisparticularlyinterestingbecause,atthetimeoftheshock,Argentinahadabankingsystemwithvirt
8、uallynoexplicitsafetynet(i.e.therewasnodepositinsuranceandthelenderoflastre
