主讲人Speaker: 刘岩    副教授     中山大学

时间Date & Time: 2026年6月18日（周四），10:00--11:30

地点Venue:粤海校区汇星楼565会议室

内容简介/ Abstract:

This paper examines how social networks transmit bank runs, exploiting the 2023 U.S. banking crisis as a natural experiment. Leveraging Facebook's Social Connectedness Index and a difference-indifferences design, we find that banks in socially connected counties experience significantly lower deposit growth post-crisis, while geographic proximity shows no effect. Social contagion amplifies fundamental vulnerabilities, particularly for banks with high uninsured deposits and large held-to-maturity securities. However, exploiting within-bank variation reveals that fundamentals alone cannot explain the patterns: deposit outflows vary based on local social exposure even after controlling for all bank characteristics. Together, these results indicate that social contagion operates through both rational fundamental screening and panic-driven runs. We document a flight-to-safety: uninsured deposits flee while insured deposits flow in. Finally, socially-transmitted deposit shocks lead to significant credit supply contractions in both small business and mortgage lending, demonstrating substantial real economic consequences.

主讲人介绍/Biography of the speaker：

中山大学管理学院（创业学院）副教授，教育部“长江学者”青年学者，美国纽约州立大学石溪分校经济学博士，北京大学数学学士、经济学双学士。主要研究领域为宏观经济学、金融中介理论、货币银行学、公司金融，担任European Economic Review客座主编，主持“中国银行业数据库（CBD）”项目，主持国家自科项目3项，以课题骨干或子课题负责人参与科技部重点研发计划项目1项、国家社科重大项目3项、国家自科重点项目2项。研究成果发表在《人民日报·内参》、《经济研究》、《管理世界》、Review of Economic Studies、Journal of International Economics等国内外期刊，并获省级社科奖2项、2020年首届PwC3535年度最佳论文奖及中国金融学年会最佳论文奖2项。