“On the whole, bank runs do not appear to deserve their bad reputation. They did a dirty job in maintaining market discipline–but someone had to do it. Eliminating dirty jobs per se does not eliminate the problems for which the jobs arose.”

Kaufman, George G. 1988. “The Truth About Bank Runs”. In The Financial Services Revolution: Policy Directions for the Future, eds. Catherine England and Thomas Huertas, pp. 9-40. Kluwer and Cato Institute.