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- W2218003059 abstract "This teaching note examines one aspect of the financial crisis: the month-long turmoil in the interbank loan market, which began with the bankruptcy of Lehman Brothers on September 15, 2008 and ended with the U.S. Treasury Department's $250 billion bank recapitalization on October 14, 2008. We model the crisis as a prisoner's dilemma in which banks with excess reserves play a game of Loan or Don't Loan with each other. The initial game results in a Nash equilibrium where each bank chooses Don't Loan and both are worse off. The second game incorporates the U.S. government's recapitalization program. It is argued that the program solves an asymmetric information problem that revives lending in the interbank loan market." @default.
- W2218003059 created "2016-06-24" @default.
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- W2218003059 date "2009-01-01" @default.
- W2218003059 modified "2023-09-23" @default.
- W2218003059 title "Explaining the Interbank Loan Market Crisis of 2008: A Teaching Note" @default.
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- W2218003059 doi "https://doi.org/10.2139/ssrn.1305392" @default.
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