<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>2448-718X</journal-id>
<journal-title><![CDATA[El trimestre económico]]></journal-title>
<abbrev-journal-title><![CDATA[El trimestre econ]]></abbrev-journal-title>
<issn>2448-718X</issn>
<publisher>
<publisher-name><![CDATA[Fondo de Cultura Económica]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S2448-718X2006000100067</article-id>
<article-id pub-id-type="doi">10.20430/ete.v73i289.554</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Corridas bancarias sunspot y de tipo fundamental]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Fontenla]]></surname>
<given-names><![CDATA[Matias]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Suárez]]></surname>
<given-names><![CDATA[Eduardo L.]]></given-names>
</name>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,University of New Mexico  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>USA</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>03</month>
<year>2006</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>03</month>
<year>2006</year>
</pub-date>
<volume>73</volume>
<numero>289</numero>
<fpage>67</fpage>
<lpage>86</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S2448-718X2006000100067&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S2448-718X2006000100067&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S2448-718X2006000100067&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen: Este artículo desarrolla un modelo de bancos en el que la crisis de tipo fundamental (que destaca las variables macroeconómicas como las causantes de crisis bancarias) y la crisis de tipo sunspot (en la cual las expectativas autogeneradas crean equilibrios cuando los agentes entran en pánico y causan una corrida bancaria) coexisten. Una política de 100% de reservas previene ambos tipos de crisis, pero mantener reservas excesivas de liquidez impide inversiones socialmente productivas, y por ende no es óptima. Por otra parte, los bancos pierden su razón de ser con esta política. Una política de suspensión de convertibilidad puede reducir el bienestar social relativo al caso en el que las crisis bancarias son permitidas, si la probabilidad de corridas sunspot es suficientemente baja.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract: This paper builds a banking environment where both fundamental runs (that stress macroeconomic variables, such as negative technology shocks, as the cause of bank runs) and sunspot runs (where self-fulfilling expectations generate equilibria where agents panic and run on banks) coexist. A policy of narrow banking will prevent runs, but holding excessively high levels of liquidity will prevent socially productive investment opportunities, and thus will not be optimal. In addition, banks lose their role as intermediaries under this policy. A policy of suspension of convertibility may reduce welfare relative to the case where bank runs are allowed to take place, ifthe probability of sunspot runs is sufficiently low.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[crisis bancarias]]></kwd>
<kwd lng="es"><![CDATA[sunspot]]></kwd>
<kwd lng="es"><![CDATA[elementos fundamentales]]></kwd>
<kwd lng="es"><![CDATA[banca estrecha]]></kwd>
<kwd lng="es"><![CDATA[suspensión de convertibilidad]]></kwd>
</kwd-group>
</article-meta>
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