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The bad equilibrium is also characterized by deflation and a flight to liquidity, and matches other stylized facts of systemic financial crises.
The distress in the banking sector is associated with deflation, a drop in nominal asset prices and money velocity, and a flight to liquidity (that is, depositors hold more money in nominal terms and fewer deposits at banks, in comparison to the good equilibrium).
This flight to liquidity depresses the price of illiquid assets in comparison to that of money (i.e.
The losses worsen the conditions of banks, reinforcing the flight to liquidity and making the process self-fulfilling.
(2013), and Diamond and Rajan (2006), crises are not associated with flights to liquidity or deflation.
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