@techreport{NBERw0823,
 title = "The Lender of Last Resort and the Run on the Savings and Loans",
 author = "Peter M. Garber",
 institution = "National Bureau of Economic Research",
 type = "Working Paper",
 series = "Working Paper Series",
 number = "823",
 year = "1981",
 month = "December",
 URL = "http://www.nber.org/papers/w0823",
 abstract = {Speculative runs on asset price fixing schemes are most often attributed either to an inexplicable mass hysteria or to a sudden, unpredictable random disturbance. Such attribution places runs and panics outside of the realm of scientific inquiry. Alternatively, in this paper I define the notion of a run as a discontinuous shift in portfolio asset holdings brought about by a belief in the end of the price fixing regime. I also argue that runs are foreseeable events and employ the current difficulties of S & L's to serve as an extended example which emphasizes such predictability.},
}