Dynamic Debt Runs

Zhiguo He, Wei Xiong

NBER Working Paper No. 15482
Issued in November 2009

---- Acknowledgements -----

We thank Viral Acharya, Markus Brunnermeier, Doug Diamond, Itay Goldstein, Milton Harris, Arvind Krishnamurthy, Pete Kyle, Guido Lorenzoni, Stephen Morris, Jonathan Parker, Darius Palia, Adriano Rampini, Michael Roberts, David Romer, Hyun Song Shin, Andrei Shleifer, Amir Sufi, and seminar participants at Chicago, Columbia, Cornell, DePaul, 2009 FESAMES, Federal Reserve Board, Harvard/ MIT, HKMA/BIS, IMF, Kellogg, 2009 Mitsui Finance Symposium at Michigan, 2009 NBER Summer Institute workshops in Monetary Economics and in Capital Markets and the Economy, New York Fed, Philadelphia Fed, Maryland, Minnesota, Notre Dame, Princeton, Texas-Austin, and Wharton for helpful discussion and comments. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.

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