intermediary to impose redemption fees or gates in a crisis - a form of suspension of convertibility - can lead to preemptive runs … uncertainty is resolved before redeeming if redemption fees or gates cannot be imposed, but those same investors would redeem … preemptively if fees or gates are possible. Second, we show that for the intermediary, which maximizes the expected utility only of …

intermediary to impose redemption fees or gates in a crisis—a form of suspension of convertibility—can lead to preemptive runs. In … uncertainty is resolved before redeeming if redemption fees or gates cannot be imposed, but those same investors would redeem … preemptively if fees or gates are possible. Second, we show that for the intermediary, which maximizes the expected utility only of …

intermediary to impose redemption fees or gates in a crisis--a form of suspension of convertibility--can lead to preemptive runs … uncertainty is resolved before redeeming if redemption fees or gates cannot be imposed, but those same investors would redeem … preemptively, if fees or gates are possible. Second, we show that for the intermediary, which maximizes expected utility of only …

companies hold another 14%, with all other investors combined (banks, non-financial corporations, pension funds, etc …

companies hold another 14%, with all other investors combined (banks, non-financial corporations, pension funds, etc …

In recent years, U.S. banks have increasingly relied on deposits from financial intermediaries, especially money market … funds (MMFs), which collect funds from large institutional investors and lend them to banks. In this paper, we show that …). However, since MMFs are themselves subject to runs from their own investors, a banking system intermediated through MMFs is …

-series dynamics of runs and the equilibria that develop. We propose two identification approaches to test predictions of recent …

In recent years, U.S. banks have increasingly relied on deposits from financial intermediaries, especially money market … funds (MMFs), which collect funds from large institutional investors and lend them to banks. In this paper, we show that …). However, since MMFs are themselves subject to runs from their own investors, a banking system intermediated through MMFs is …