Who Borrows from the Lender of Last Resort

272 citations recorded by the source corpus.

Subfields: Finance

How researchers see this paper

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A Pyrrhic Victory? - Bank Bailouts and Sovereign Credit Risk (2011, unknown): “Drechsler et al. (2012) assess the cost of the lender-of-last resort intervention by the European Central Bank, which followed the bailouts. Laeven and Valencia (2010, 2012) compile a time series of banking crises and examine their economic costs. They too find that the median output loss of recent ”
The Invisible Hand of the Government: Moral Suasion during the European Sovereign Debt Crisis (2019, unknown): “For example, they may be betting on their own survival by acquiring a riskier asset portfolio when their sovereign is close to default (Broner et al., 2014; Drechsler et al., 2016).”
Banks, government Bonds, and Default: What do the data Say? (2014, background): “Acharya and Steffen (2014) and Drechsler et al. (2014) stress banks’ excessive risk taking in government bonds during the European crisis, but the importance and generality of this channel remains to be assessed.”
Real Effects of the Sovereign Debt Crisis in Europe: Evidence from Syndicated Loans (2018, unknown): “To determine the rating cutoff, we follow Drechsler et al. (2013) and use the ratings (obtained from Bloomberg) by the main rating agencies (Moody’s, S&P, and Fitch).”