| 000 -LEADER |
|---|
| fixed length control field |
01203nam a22001577a 4500 |
| 008 - FIXED-LENGTH DATA ELEMENTS--GENERAL INFORMATION |
|---|
| fixed length control field |
210630b ||||| |||| 00| 0 eng d |
| 100 ## - MAIN ENTRY--PERSONAL NAME |
|---|
| Personal name |
Gorton, Gary and Ordonez, Guillermo |
| 245 ## - TITLE STATEMENT |
|---|
| Title |
Fighting Crises with Secrecy |
| 260 ## - PUBLICATION, DISTRIBUTION, ETC. (IMPRINT) |
|---|
| Place of publication, distribution, etc |
American Economic Journal Macroeconomics |
| 300 ## - PHYSICAL DESCRIPTION |
|---|
| Extent |
12(4), Oct, 2020: p.218-245 |
| 520 ## - SUMMARY, ETC. |
|---|
| Summary, etc |
How does central bank lending during a crisis restore confidence? Emergency lending facilities that are opaque (in that names of borrowers are kept secret) raise the perceived average quality of bank assets in the economy, creating an information externality that prevents runs. Stigma (the cost of a bank's participation at the lending facility becoming public) is desirable to implement opacity as an equilibrium outcome, as no bank wants to reveal its participation status. The central bank's key policy instrument for limiting the use of lending facilities while maintaining secrecy is the haircut applied to bank assets used as collateral. – Reproduced |
| 650 ## - SUBJECT ADDED ENTRY--TOPICAL TERM |
|---|
| Topical term or geographic name as entry element |
Banks; Depository Institutions; Micro Finance Institutions; Mortgages |
| 9 (RLIN) |
26088 |
| 773 ## - HOST ITEM ENTRY |
|---|
| Main entry heading |
American Economic Journal Macroeconomics |
| 906 ## - LOCAL DATA ELEMENT F, LDF (RLIN) |
|---|
| Subject DIP |
FINANCIAL INSTITUTIONS |
| 942 ## - ADDED ENTRY ELEMENTS (KOHA) |
|---|
| Item type |
Articles |
