Disciplina di mercato e banca centrale nel controllo delle crisi di liquidità bancarie

The many interbank flows characterizing the banking system, and the difficulties in the management of recent financial crises, have generated an increasing concern about system risk. In the effort to find the causes of the banking crisis and the regulation mechanisms that can prevent them, an interesting debate has begun among both scholars and practitioners, giving rise to an extensive literature on the subject. There are three main theoretical approaches that offer the possibility of ranking recent theoretical developments: the first one is linked to the traditional literature on the bank panic à la Diamond and Dybvig; the second one is based on the incentive theory and the model of Diamond (1984); the last one, relies on club theory.