Two Centuries of Systemic Bank Runs

Rustam Jamilov, König, Tobias, Müller, Karsten and Farzad Saidi
Authors registered in the RePEc Author Service: Tobias König and Karsten Müller

No 19382, CEPR Discussion Papers from Centre for Economic Policy Research

Abstract: We study bank runs since 1800, combining a new narrative chronology of 405 episodes across 192 countries---half absent from existing crisis chronologies---with novel deposit data. Systemic runs---those with country-level deposit outflows---are followed by output losses of 9% over five years and sharp credit contractions, while non-systemic runs leave little macroeconomic footprint. One in six runs lacks an identifiable fundamental trigger; output costs are more severe when a fundamental cause is present, yet panic-driven runs remain costly. Deposit insurance and central banks are associated with fewer systemic runs; liquidity support and liability guarantees with smaller output losses.

Keywords: Bank runs; Banking crises; Macroeconomic costs; long-run data (search for similar items in EconPapers)
JEL-codes: E44 G01 G20 G21 G28 N20 (search for similar items in EconPapers)
Date: 2024-08
New Economics Papers: this item is included in nep-his and nep-mon
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Related works:
Working Paper: Two Centuries of Systemic Bank Runs (2024)
Working Paper: Two Centuries of Systemic Bank Runs (2024)
Working Paper: Two Centuries of Systemic Bank Runs (2024)
Working Paper: Two Centuries of Systemic Bank Runs (2024)
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