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Modeling the Legend, or, the Trouble with Diamond and Dybvig: Part II SHARE [This is the last half of a two-part critique of Douglas Diamond and Philip Dybvig s highly influential paper purporting to show that fractional reserve banking systems are inherently unstable. Part I can be found here. ] Sauce for the Goose… Half a century after the fact, the aggregate uncertainty version of the Diamond-Dybvig model appeared at long last to offer solid proof of the inherent instability of ordinary banks, together with an equally solid foundation for government deposit insurance. But no sooner had the inspectors started poking their flashlights around that supposedly solid structure than its serious weaknesses became evident. ....
Modeling the Legend, or, the Trouble with Diamond and Dybvig: Part I SHARE Has any theoretical work on banking been more influential than Douglas Diamond and Phillip Dybvig s 1983 JPE article, Bank Runs, Deposit Insurance, and Liquidity ? If so, I can t think of it. With well over 12,000 Google citations and counting, it s certainly among the most cited academic papers in economics, let alone in the sub-discipline of monetary economics. Nor has that paper s influence been merely academic. Far from it: it is routinely cited by policymakers as supplying a rationale for government intervention in banking, and for explicit national deposit insurance schemes in particular. That the number of countries that adopted such schemes more than quadrupled during the two decades immediately following the article s appearance from just 20 to 87 almost certainly owes something to Diamond and Dybvig s influential publication, which is bound to have informed the thinking of exper ....