Debt in service of the state -- States and the limits of borrowing -- Democratization and globalization -- Caveat emptor -- Managing problem debts -- Successful consolidation -- Warfare to welfare -- Cycles of debt -- Oil and water -- Missed opportunities -- Debt to the rescue -- COVID-19.

Bank distress was a defining feature of the Great Depression in the United States. Most banks, however, weathered the storm and remained in operation throughout the contraction. We show that surviving banks cut lending when depositors withdrew funds en masse during panics. This panic-induced...

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...