Acharya, Viral V.; Pierret, Diane; Steffen, Sascha - 2016 - This version: February 29, 2016
(i) by being lender of last resort to banks via the long-term refinancing operations (LTRO), ECB temporarily reduced … that followed – lender of last resort vs. buyer of last resort – in stabilizing the European financial sector. We find that …, precipitating a run on their short-term debt. We assess the effectiveness of different European Central Bank (ECB) interventions …