TY  - JOUR
AU  - Garber,Peter M.
TI  - The Lender of Last Resort and the Run on the Savings and Loans
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 823
PY  - 1981
Y2  - December 1981
UR  - http://www.nber.org/papers/w0823
L1  - http://www.nber.org/papers/w0823.pdf
N1  - Author contact info:
Peter M. Garber
Deutsche Bank
60 Wall Street
New York, NY 10005
Tel: 212/250-5466
Fax: 212/250-2628
E-Mail: peter.garber@db.com
AB  - 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.
ER  -