Discount window stigma during the 2007-2008 financial crisis

被引：56

作者：

Armantier, Olivier ^{[1
]}

Ghysels, Eric ^{[2
,3
]}

Sarkar, Asani ^{[1
]}

Shrader, Jeffrey ^{[4
]}

机构：

[1] Fed Reserve Bank New York, New York, NY 10045 USA

[2] Univ N Carolina, Dept Finance, Kenan Flagler Business Sch, Chapel Hill, NC 27599 USA

[3] Univ N Carolina, Dept Econ, Chapel Hill, NC 27599 USA

[4] Univ Calif San Diego, Dept Econ, La Jolla, CA 92093 USA

来源：

JOURNAL OF FINANCIAL ECONOMICS | 2015年 / 118卷 / 02期

关键词：

Discount window; Term auction facility; Stigma; Crisis; Monetary policy;

D O I：

10.1016/j.jfineco.2015.08.006

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We provide empirical evidence for the existence, magnitude, and economic cost of stigma associated with banks borrowing from the Federal Reserve's Discount Window (DW) during the 2007-2008 financial crisis. We find that banks were willing to pay a premium of around 44 basis points (bps) across funding sources (126 bps after the bankruptcy of Lehman Brothers) to avoid borrowing from the DW. DW stigma is economically relevant as it increased some banks' borrowing cost by 32 bps of their pre-tax return on assets (ROA) during the crisis. The implications of our results for the provision of liquidity by central banks are discussed. Published by Elsevier B.V.

引用

页码：317 / 335

页数：19

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