9 The chronology of the 2007-08 financial crisis is outlined in many papers. The following paragraphs mainly draw on Brunnermeier (2009), Gorton (2009) and Gorton and Metrick (2012).
10 Institutions in difficulties were, for instance, BNP Paribas, the German IKB or the American Home Mortgage Investment Corp.
11 Note that this was not a classic retail bank run, as described by Diamond and Dybvig (1983). Instead of cash withdrawals of retail clients, this crisis was reflected by haircut increases in repo markets.
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