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بانک ورشکسته
The key policy result is that loans to banks are more effective than asset purchases at elim- inating the bad equilibrium, in the sense that they require a smaller monetary injection.3 Under the loans-to-banks policy, the losses of insolvent banks are borne not only by the depositors of those banks but also by the central bank, which in turn redistributes the losses lump-sum to all depositors in the economy.
The direct effect of the implicit transfer embedded in the loans-to-banks policy is to increase the re- turn on deposits at insolvent banks, thereby increasing the incentive to deposit more at banks.
Here, the agents that consume too little in comparison to the first best are the impatient households with deposits at insolvent banks.
At t = 1, the balance sheets of all banks become common knowledge, and insolvent banks are subject to runs.
At this point, running on an insolvent bank is a dominant strategy from a depositor's point of view-that is, it is independent of other depositors' choices.
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