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Can Discount Window stigma be cured? : an experimental investigation

Armantier, Olivier; Holt, Charles A. - 2024

paper, we study experimentally how such stigma can be cured. We find that, once a Discount Window facility is stigmatized …, removing stigma is difficult. This result is consistent with the Federal Reserve's experiences which have been unsuccessful at … removing the stigma associated with its Discount Window. …

Persistent link: https://www.econbiz.de/10014532114

Dealer financial conditions and lender-of-last-resort facilities

Acharya, Viral V.; Fleming, Michael J.; Hrung, Warren B.; … - 2014

We examine the financial conditions of dealers that participated in two of the Federal Reserve's lender-of-last-resort (LOLR) facilities -- the Term Securities Lending Facility (TSLF) and the Primary Dealer Credit Facility (PDCF) -- that provided liquidity against a range of assets during...

Persistent link: https://www.econbiz.de/10010404154

Discount window stigma after the global financial crisis

Armantier, Olivier; Cipriani, Marco; Sarkar, Asani - 2024

We study Discount Window (DW) stigma, the reluctance to access the Federal Reserve's lender-of-last-resort facility … among smaller banks and when financial markets experience disruptions. In particular, evidence of DW stigma emerged months … stigma. The implications of these results for the provision of emergency liquidity are discussed. …

Persistent link: https://www.econbiz.de/10015135319

Economic crises and the eligiblity for the lender of last resort : evidence from 19th century France

Bignon, Vincent; Jobst, Clemens - 2017

This paper uses panel econometric techniques to estimate a macro-financial model for fee and commission income over total assets for a broad sample of euro area banks. Using the estimated parameters, it conducts a scenario analysis projecting the fee and commission income ratio over a three...

Persistent link: https://www.econbiz.de/10011637365

Liquidity from two lending facilities

Anbil, Sriya; Vossmeyer, Angela - In: Journal of financial intermediation 48 (2021), pp. 1-18

Persistent link: https://www.econbiz.de/10012801676

Connected lending of last resort

Mitchener, Kris; Monnet, Eric - 2023

Because of secrecy, little is known about the political economy of central bank lending. Utilizing a novel, hand-collected historical daily dataset on loans to commercial banks, we analyze how personal connections matter for lending of last resort, highlighting the importance of governance for...

Persistent link: https://www.econbiz.de/10013494187

The Bank of England as lender of last resort : new historical evidence from daily transactional data

Anson, Mike; Bhola, David; Kang, Miao; Thomas, Ryland - 2017

We use daily transactional ledger data from the Bank of England's Archive to test whether and to what extent the Bank of England during the mid-nineteenth century adhered to Walter Bagehot's rule that a central bank in a financial crisis should lend cash freely at a high interest rate in...

Persistent link: https://www.econbiz.de/10011748529

Politicians, bankers and the Great Depression : the Spanish banking crisis of 1931

Jorge-Sotelo, Enrique - 2022

This paper contributes to the literature on moral hazard, lending of last resort and the political origins of banking crises. Drawing on newly accessed quantitative and qualitative archival sources the paper documents how a bank-Banco de Cataluña-formed a coalition with the Dictatorship of...

Persistent link: https://www.econbiz.de/10013382074

Do non-banks need access to the lender of last resort? : evidence from fund runs

Breckenfelder, Johannes; Hoerova, Marie - 2023

Are central bank tools effective in reaching non-banks with no access to the lender-of-last-resort facilities? Using runs on mutual funds in March 2020 as a laboratory, we show that, following the announcement of large-scale purchases, funds with higher ex ante shares of assets eligible for...

Persistent link: https://www.econbiz.de/10014278675

Lending-of-Last-Resort is as Lending-of-Last-Resort Does : Central Bank Liquidity Provision and Interbank Market Functioning in the Euro Area

Garcia de Andoain, Carlos - 2016

This paper investigates the impact of ample liquidity provision by the European Central Bank on the functioning of the overnight unsecured interbank market from 2008 to 2014. We use novel data on interbank transactions derived from TARGET2, the main euro area payment system. To identify...

Persistent link: https://www.econbiz.de/10012998230