We investigate banks' benefits and costs of having access to LOLR. Integrating novel data sets we estimate the borrowing capacities of euro area banks at the ECB. Controlling for ratings, we find that banks with more fragile funding are likely to borrow more from the ECB during the great...

We investigate banks' benefits and costs of having access to LOLR. Integrating novel data sets we estimate the borrowing capacities of euro area banks at the ECB. Controlling for ratings, we find that banks with more fragile funding are likely to borrow more from the ECB during the great...

We evaluate the effects of post-crisis liquidity regulation on the U.S. banking system. We find that regulated banks have substantially improved their liquidity ratios by holding more liquidity buffers and terming out their liabilities. However, some liquidity transformation has migrated to...