• Shane Greenstein


May/June 2023, Paper: "The collapse associated with Silicon Valley Bank (SVB) in March and the failure of Futures Exchange Trading (FTX) a few months earlier may not seem deeply connected. But, on the contrary, they signal the emergence of a new era in the economics of virtual runs. Virtual runs are a variant of what once was labeled a bank run. All bank runs contain the same basic features. There is silence, in which depositors do nothing, and then one day, all depositors act simultaneously, hence, the run. During the run, all depositors aspire to withdraw their funds."