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Related Experiment Video

Updated: Dec 23, 2025

Fabrication and Visualization of Capillary Bridges in Slit Pore Geometry

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Published on: January 9, 2014

Liquidity backstops and dynamic debt runs.

Bin Wei¹, Vivian Z Yue²

¹Federal Reserve Bank of Atlanta, United States.

Journal of Economic Dynamics & Control

|April 29, 2020

Summary

Liquidity backstops effectively mitigate debt runs. This study quantifies their value at 14.5 basis points annually, offering crucial insights for financial stability policy.

Area of Science:

Financial Economics
Market Stability
Quantitative Finance

Background:

Debt runs pose significant systemic risks.
Liquidity backstops are proposed mechanisms to prevent financial crises.
Previous research has not fully quantified the value of liquidity backstops.

Purpose of the Study:

To develop a dynamic model for analyzing debt runs.
To identify and quantify the value of liquidity backstops in mitigating runs.
To provide policy implications for financial market stability.

Main Methods:

Development of a dynamic debt run model, building on He and Xiong (2012).
Focus on municipal bond markets, specifically variable rate demand obligations and auction rate securities.

Keywords:

Debt run Lender of last resort Liquidity backstop

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Last Updated: Dec 23, 2025

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Calibration of the model using data from the 2007-09 financial crisis run episodes.

Main Results:

The study quantifies the value of a liquidity backstop at approximately 14.5 basis points per annum.
The model successfully identifies the run-mitigating role of liquidity backstops.
Empirical evidence from municipal bond markets supports the model's findings.

Conclusions:

Liquidity backstops are a valuable tool for enhancing financial stability.
The quantified value provides a benchmark for policy decisions regarding backstop implementation.
Findings underscore the importance of liquidity provisions in preventing market turmoil.