Authors: Olivier Armantier, Marco Cipriani, and Asani Sarkar
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Staff Reports
Discount Window Stigma After the Global Financial Crisis
Number 1137
November 2024 Revised March 2026
November 2024 Revised March 2026
JEL classification: E52, G21, G28
Discount Window stigma has long been a challenge to the Federal Reserve’s lender of last resort responsibilities. After the Global Financial Crisis, new policies and increased participation raised questions about whether the stigma was fading. Using novel data, we find clear evidence of stigma between 2014 and 2024, especially among smaller banks and around market disruptions. Notably, stigma emerged months before the 2023 banking turmoil and had not subsided a year later. Stigma cannot be explained by banks’ lack of operational readiness and is associated with higher failure risk. These results have implications for the provision of emergency liquidity.
Author Disclosure Statement(s)
Olivier Armantier
I declare that I have no relevant or material financial interests that relate to the research described in this paper.
Marco Cipriani
The author declares that he has no relevant or material financial interests that relate to the research described in this paper. Prior to circulation, this paper was reviewed in accordance with the Federal Reserve Bank of New York review policy, available at https://www.newyorkfed.org/research/staff_reports/index.html.
Asani Sarkar
The author declares that he has no relevant or material financial interests that relate to the research described in this paper. Prior to circulation, this paper was reviewed in accordance with the Federal Reserve Bank of New York review policy, available at https://www.newyorkfed.org/research/staff_reports/index.html.
I declare that I have no relevant or material financial interests that relate to the research described in this paper.
Marco Cipriani
The author declares that he has no relevant or material financial interests that relate to the research described in this paper. Prior to circulation, this paper was reviewed in accordance with the Federal Reserve Bank of New York review policy, available at https://www.newyorkfed.org/research/staff_reports/index.html.
Asani Sarkar
The author declares that he has no relevant or material financial interests that relate to the research described in this paper. Prior to circulation, this paper was reviewed in accordance with the Federal Reserve Bank of New York review policy, available at https://www.newyorkfed.org/research/staff_reports/index.html.
Suggested Citation:
Armantier, Olivier, Marco Cipriani, and Asani Sarkar. 2024. “Discount Window Stigma After the Global Financial Crisis.” Federal Reserve Bank of New York Staff Reports, no. 1137, revised March 2026. https://doi.org/10.59576/sr.1137
Armantier, Olivier, Marco Cipriani, and Asani Sarkar. 2024. “Discount Window Stigma After the Global Financial Crisis.” Federal Reserve Bank of New York Staff Reports, no. 1137, revised March 2026. https://doi.org/10.59576/sr.1137
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