depositor run. We compute similar incentives for the sample of all U.S. banks. Even if only half of uninsured depositors decide … fragility of the US banking system to uninsured depositor runs …

in interest rates, we have multiple equilibria in which uninsured depositor run making banks insolvent (i.e., a “bad” run … of beliefs supporting a “good” no run equilibrium, increasing their fragility to uninsured depositor runs. A case study … leverage. Combined, losses and uninsured leverage provide incentives for an SVB uninsured depositor run. We compute similar …