The U.S. Federal Reserve (Fed) was reluctant to release the names of firms that borrowed, and the amounts borrowed, from the emergency loan facilities during the financial crisis. We show that when the details of this information were finally made public by the Fed, there was no stock market...

Using a unique empirical approach that accounts for the possibility that financial market crashes are endogenously determined by market structures, this study examines how economic freedom contribute to crashes in financial markets. On one hand, economic freedom might provide an unregulated...