＜要　　旨＞

To study the relationship between bank runs and asset prices,　I consider a banking model that incorporates a secondary market　for long-term assets.　Adverse selection arises in this market because banks are better informed about the quality of their assets. The model generates　multiple equilibria. In one equilibrium, bank runs cannot occur. In another equilibrium, the asset price can be low and bank runs occur.　This can be interpreted as a financial crisis. In this framework, a liquidity requirement for banks might cause bank runs.