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1、ARTICLEINPRESSJournalofMonetaryEconomics57(2010)45–61ContentslistsavailableatScienceDirectJournalofMonetaryEconomicsjournalhomepage:www.elsevier.com/locate/jme$Depositinsuranceandmoneymarketfreezesab,MaxBruche,JavierSuarezaCEMFI,SpainbCEMFI,CasadodelAlisal5,28014
2、Madrid,SpainarticleinfoabstractArticlehistory:Inthepresenceofdepositinsurance,ariseincounterpartyriskmaycauseafreezeinReceived4May2009interbankmoneymarkets.WeshowthisinageneralequilibriummodelwithregionallyReceivedinrevisedformsegmentedbank-basedretailfinancialmark
3、ets,inwhichmoneymarketsfacilitatethe18November2009reallocationoffundsacrossbanksfromdifferentregions.CounterpartyriskcreatesanAccepted18November2009asymmetrybetweenbanksinsavings-richregions,whichremainmarginallyfinancedAvailableonline1December2009bytheabundantregi
4、onalinsureddeposits,andinsavings-poorregions,whichhavetoJELclassification:paylargespreadsinmoneymarkets.ThisasymmetrydistortstheaggregateallocationE2ofcreditand,inthepresenceofdemandexternalities,cancauselargeoutputlosses.E5&2009ElsevierB.V.Allrightsreserved.G2Keyw
5、ords:DepositinsuranceMoneymarketsBanksolvencyFinancialmarketfreezes1.IntroductionWholesalecapitalmarkets(includinginterbankmoneymarkets)performanimportanteconomicfunctionwhennotallbankshaveequalcapabilitiestoraisefundsamongretailsavers.Ifwell-functioning,theyfacil
6、itatethatsavingstravelandareinvestedwheretheyaremostprofitable.Inthispaperwearguethat,inthepresenceofgovernment-backedguaranteesonretaildeposits(i.e.depositinsurance),wholesalemarketsmayfailtoefficientlyallocatefundsacrossbankswithandwithoutaccesstoabundantretaildep
7、osits.Theproblemremainslatentandinconsequentialinnormaltimes(whiletheperceivedriskofbankfailureisinsignificant),butcantriggerafreezeofwholesalemarketsandcauseimportantdistortionstotheallocationofcreditduringabanksolvencycrisis.Intuitively,whentheriskofbankfailurebe
8、comessignificant,thebankswithaccesstoabundantretaildepositfundingcanremainmarginallyfinancedattherelativelycheapratespaidoninsureddeposits,whiletheresthav
