Work

Panic bank runs, global market contagion and the financial consequences of social media

Year: 2023

Type: article

Abstract: This paper provides empirical analysis on how social media amplifies bank runs, using the recent bank turmoil in the US. Employing data for 94 countries, our findings show that social media provides a conduit through which an immediate negative and significant impact of the bank crisis transmits across global investor sentiments and market outcomes. The results also indicate a significant spill-over influence of the turmoil on European and G7 economies, while there appears to be no significant impact on major markets in Asia and Africa.

Source: Economics Letters

DOI: 10.1016/j.econlet.2023.111170

Authors: Oluwatoyin Esther Dosumu, Rilwan Sakariyahu, Olayinka Oyekola, Rodiat Lawal

Institutions: University of Manchester, Edinburgh Napier University, Al-Hikmah University, University of Exeter, SOAS University of London

Language: English

Topic: Banking stability, regulation, efficiency

Subfield: Finance

Field: Economics, Econometrics and Finance

Domain: Social Sciences

Open Access status: hybrid

Estimated APC paid: $2,690

OpenAlex ID: W4376646306

FWCI: 4.858

Cites: 7

Cited by: 23

Related to: 10