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
November 2024
JEL classification: E52, G21, G28
We study Discount Window (DW) stigma, the reluctance to access the Federal Reserve’s lender-of-last resort facility, between 2014 and 2024. Despite increased usage since 2020, we find conclusive evidence that the DW is stigmatized, especially among smaller banks and when financial markets experience disruptions. In particular, evidence of DW stigma emerged months before the 2023 banking turmoil and had not subsided a year later. We also identify new determinants and consequences of DW stigma. The implications of these results for the provision of emergency liquidity are discussed.
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, November. 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, November. https://doi.org/10.59576/sr.1137
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