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Can Discount Window stigma be cured? : an experimental investigation
Armantier, Olivier; Holt, Charles A. - 2024
paper, we study experimentally how such stigma can be cured. We find that, once a Discount Window facility is stigmatized …, removing stigma is difficult. This result is consistent with the Federal Reserve's experiences which have been unsuccessful at … removing the stigma associated with its Discount Window. …
Persistent link: https://www.econbiz.de/10014532114
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Dealer financial conditions and lender-of-last-resort facilities
Acharya, Viral V.; Fleming, Michael J.; Hrung, Warren B.; … - 2014
We examine the financial conditions of dealers that participated in two of the Federal Reserve's lender-of-last-resort (LOLR) facilities -- the Term Securities Lending Facility (TSLF) and the Primary Dealer Credit Facility (PDCF) -- that provided liquidity against a range of assets during...
Persistent link: https://www.econbiz.de/10010404154
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Dealer financial conditions and lender-of-last-resort facilities
Acharya, Viral V.; Fleming, Michael J.; Hrung, Warren B.; … - 2014
We examine the financial conditions of dealers that participated in two of the Federal Reserve's lender-of-last-resort (LOLR) facilities - the Term Securities Lending Facility (TSLF) and the Primary Dealer Credit Facility (PDCF) - that provided liquidity against a range of assets during 2008-09....
Persistent link: https://www.econbiz.de/10011340952
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Dealer financial conditions and lender-of-last resort facilities
Acharya, Viral V.; Fleming, Michael J.; Hrung, Warren; … - Federal Reserve Bank of New York - 2014
We examine the financial conditions of dealers that participated in two of the Federal Reserve’s lender-of-last-resort (LOLR) facilities--the Term Securities Lending Facility (TSLF) and the Primary Dealer Credit Facility (PDCF)--that provided liquidity against a range of assets during 2008-09....
Persistent link: https://www.econbiz.de/10010774312
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Lender of last resort and bank closure policy
Freixas, Xavier; Parigi, Bruno Maria - 2008
During the last decades a consensus has emerged that it is impossible to disentangle liquidity shocks from solvency shocks. As a consequence the classical lender of last resort rules, as defined by Thornton and Bagehot, based on lending to solvent illiquid institutions appear ill-suited to this...
Persistent link: https://www.econbiz.de/10010264351
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Economic crises and the eligiblity for the lender of last resort : evidence from 19th century France
Bignon, Vincent; Jobst, Clemens - 2017
This paper uses panel econometric techniques to estimate a macro-financial model for fee and commission income over total assets for a broad sample of euro area banks. Using the estimated parameters, it conducts a scenario analysis projecting the fee and commission income ratio over a three...
Persistent link: https://www.econbiz.de/10011637365
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Stigma in financial market: Evidence from liquidity auctions and discount window borrowing during the crisis
Armantier, Olivier; Ghysels, Eric; Sarkar, Asani; … - 2011
We provide empirical evidence for the existence, magnitude, and economic impact of stigma associated with banks … borrow from the Term Auction Facility rather than from the discount window. The incidence of stigma varied according to bank … characteristics and market conditions. Finally, we find that discount window stigma is economically relevant since it increased banks …
Persistent link: https://www.econbiz.de/10010287025
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Liquidity from two lending facilities
Anbil, Sriya; Vossmeyer, Angela - In: Journal of financial intermediation 48 (2021), pp. 1-18
Persistent link: https://www.econbiz.de/10012801676
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The Promise and Performance of the Federal Reserve as Lender of Last Resort 1914-1933
Bordo, Michael D.; Wheelock, David C. - 2011
This paper examines the origins and early performance of the Federal Reserve as lender of last resort. The Fed was established to overcome the problems of the National Banking era, in particular an "inelastic" currency and the absence of an effective lender of last resort. As conceived by Paul...
Persistent link: https://www.econbiz.de/10012143766
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Why Emergency Lending Facilities Go Unused
Bartolini, Leonardo; Drazen, Allan - Society for Economic Dynamics - SED - 2004
request for funds could be seen as a sign of financial weakness, carrying a costly stigma with investors and regulators. This …
Persistent link: https://www.econbiz.de/10005051407