Report
Tracing Bank Runs in Real Time
Abstract: Using high-frequency interbank payments data to trace deposit flows in March 2023, we identify twentytwo bank runs — ten times the two bank failures. Runs are driven by relatively few but large depositors fleeing to the largest banks and out of the banking system altogether. Run banks’ characteristics highlight a role for both fundamental and non-fundamental drivers of runs, including solvency, liquidity, deposit concentration and coordination through public signals. Surviving banks bridge the deposit reallocation by borrowing from Federal Home Loan Banks and the discount window, eventually replacing lost uninsured deposits with insured deposits at higher rates in the medium term.
JEL Classification: E41; E58; G01; G21; G28;
https://doi.org/10.59576/sr.1104
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Bibliographic Information
Provider: Federal Reserve Bank of New York
Part of Series: Staff Reports
Publication Date: 2024-05-01
Number: 1104
Note: Revised June 2026.