一、讲座题目：

Contagious Bank Runs and Committed Liquidity Support

Abstract:In a crisis, regulators and private investors can find it difficult, if not impossible, to tell whether banks facing runs are insolvent or merely illiquid. We introduce such an information constraint into a global-games-based bank run model with multiple banks and aggregate uncertainties. The information constraint creates a vicious cycle between contagious bank runs and falling asset prices and limits the effectiveness of traditional emergency liquidity assistance programs. We explain how a regulator can set up committed liquidity support to contain contagion and stabilize asset prices even without information on banks’ solvency, rationalizing some recent developments in policy practices.

二、主讲人：

李昭，对外经济贸易大学金融学院助理教授。

研究领域主要包括银行和金融监管，银行理论，公司理财。研究论文被学术期刊Management Science, Journal of Economic Dynamics and Control接受。主持一项国家自然科学基金青年项目，参与多项国家自然科学基金项目。

三、时间：

2021年12月23日14:30--16:30

四、地点：

中心校区知新楼B321