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...

This paper investigates banks’ benefits and costs of having access to central bank liquidity. Integrating novel data sets on banks, collateral policies of ECB, and eligible bank assets, we estimate the borrowing capacities of euro area banks at the ECB, and document significant cross-sectional...

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...