We use a unique data set that comprises each bank’s bids in the Eurosystem’s main refinancing operations and its … that a bank’s willingness-to-pay is a good indicator for the probability that this bank draws on the LOLR facility. Our …

Europe, Latin America, Asia, and Africa. Why do such crises recur? What is it about the accumulation of bank debt that ….S. banking history, from pre-U.S. Civil War private bank notes issued during the U.S. Free Banking Era (1837-1863), followed by … the U.S. National Banking Era (1863-1914) before there was a central bank, through loan sales, securitization, and the …