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...

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...

We examine how the threat of disclosure (stigma) changes the quality of banks that approachemergency lending facilities. We study a financial crisis where two confidential facilities wereavailable to banks. Then, an unexpected partial list of bank names from one facility was leaked,suddenly...