Authors: Marco Cipriani, Thomas M. Eisenbach, and Anna Kovner
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Staff Reports
Tracing Bank Runs in Real Time
Number 1104
May 2024 Revised June 2026
May 2024 Revised June 2026
JEL classification: E41, E58, G01, G21, G28
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.
Author Disclosure Statement(s)
Marco Cipriani
The author declares that (s)he has no relevant or material financial interests that relate to the research described in this paper. Prior to circulation, this paper was reviewed in accordance with the Federal Reserve Bank of New York review policy, available at https://www.newyorkfed.org/research/staff_reports/index.html.
Thomas Eisenbach
I have no relevant or material financial interests that relate to the research described in this paper. Prior to circulation, this paper was reviewed in accordance with the Federal Reserve Bank of New York review policy, available at https://www.newyorkfed.org/research/staff_reports/index.html.
Anna Kovner
I have no relevant or material financial interests that relate to the research described in this paper. Prior to circulation, this paper was reviewed in accordance with the Federal Reserve Bank of New York review policy, available at https://www.newyorkfed.org/research/staff_reports/index.html.
The author declares that (s)he has no relevant or material financial interests that relate to the research described in this paper. Prior to circulation, this paper was reviewed in accordance with the Federal Reserve Bank of New York review policy, available at https://www.newyorkfed.org/research/staff_reports/index.html.
Thomas Eisenbach
I have no relevant or material financial interests that relate to the research described in this paper. Prior to circulation, this paper was reviewed in accordance with the Federal Reserve Bank of New York review policy, available at https://www.newyorkfed.org/research/staff_reports/index.html.
Anna Kovner
I have no relevant or material financial interests that relate to the research described in this paper. Prior to circulation, this paper was reviewed in accordance with the Federal Reserve Bank of New York review policy, available at https://www.newyorkfed.org/research/staff_reports/index.html.
Suggested Citation:
Cipriani, Marco, Thomas M. Eisenbach, and Anna Kovner. 2024. “Tracing Bank Runs in Real Time.” Federal Reserve Bank of New York Staff Reports, no. 1104, revised June 2026. https://doi.org/10.59576/sr.1104
Cipriani, Marco, Thomas M. Eisenbach, and Anna Kovner. 2024. “Tracing Bank Runs in Real Time.” Federal Reserve Bank of New York Staff Reports, no. 1104, revised June 2026. https://doi.org/10.59576/sr.1104
Video: Author Brief
Thomas Eisenbach speaks about the special data that enabled the study’s authors to identify which banks were facing unusual outflows in March 2023, where depositors were taking their money, and what “run-on” banks were doing to shore up their balance sheets.
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