Managing stigma during a financial crisis
成果类型：
Article
署名作者：
Anbil, Sriya
署名单位：
Federal Reserve System - USA; Federal Reserve System Board of Governors
刊物名称：
JOURNAL OF FINANCIAL ECONOMICS
ISSN/ISSBN：
0304-405X
DOI：
10.1016/j.jfineco.2017.05.014
发表日期：
2018
页码：
166-181
关键词：
摘要：
How should regulators design effective emergency lending facilities to mitigate stigma during a financial crisis? I explore this question using data from an unexpected disclosure of partial lists of banks that secretly borrowed from the lender of last resort during the Great Depression. I find evidence of stigma in that depositors withdrew more deposits from banks included on the lists in comparison with banks left off the lists. Overall, the results suggest that an emergency lending facility that never reveals bank identities would mitigate stigma. Published by Elsevier B.V.