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This amplification effect accounted for two-thirds of the contraction of bank credit during the 2008\u20132009 crisis. Moreover, I show that policies targeting borrowers have a crowding-in effect and can effectively contain credit contraction. <\/jats:p><jats:p> This paper was accepted by Lukas Schmid, finance. <\/jats:p><jats:p> Supplemental Material: The online appendix and data files are available at https:\/\/doi.org\/10.1287\/mnsc.2023.00872 . <\/jats:p>","DOI":"10.1287\/mnsc.2023.00872","type":"journal-article","created":{"date-parts":[[2024,8,9]],"date-time":"2024-08-09T13:27:47Z","timestamp":1723210067000},"page":"3537-3557","source":"Crossref","is-referenced-by-count":0,"title":["Asset-Side Bank Runs and Liquidity Rationing: A Vicious Cycle"],"prefix":"10.1287","volume":"71","author":[{"ORCID":"https:\/\/orcid.org\/0009-0004-7675-8149","authenticated-orcid":false,"given":"Zongbo","family":"Huang","sequence":"first","affiliation":[{"name":"School of Management and Economics and Shenzhen Finance Institute, The Chinese University of Hong Kong, Shenzhen 518172, China"}]}],"member":"109","reference":[{"key":"B1","doi-asserted-by":"publisher","DOI":"10.1111\/jofi.12182"},{"key":"B3","doi-asserted-by":"publisher","DOI":"10.1111\/jmcb.12821"},{"key":"B5","doi-asserted-by":"publisher","DOI":"10.1146\/annurev-financial-102710-144915"},{"key":"B6","doi-asserted-by":"publisher","DOI":"10.1086\/669176"},{"issue":"6","key":"B7","first-page":"28","volume":"74","author":"Alfriend M","year":"1988","journal-title":"FRB Richmond Econom. 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