LnRiLWZpZWxke21hcmdpbi1ib3R0b206MC43NmVtfS50Yi1maWVsZC0tbGVmdHt0ZXh0LWFsaWduOmxlZnR9LnRiLWZpZWxkLS1jZW50ZXJ7dGV4dC1hbGlnbjpjZW50ZXJ9LnRiLWZpZWxkLS1yaWdodHt0ZXh0LWFsaWduOnJpZ2h0fS50Yi1maWVsZF9fc2t5cGVfcHJldmlld3twYWRkaW5nOjEwcHggMjBweDtib3JkZXItcmFkaXVzOjNweDtjb2xvcjojZmZmO2JhY2tncm91bmQ6IzAwYWZlZTtkaXNwbGF5OmlubGluZS1ibG9ja311bC5nbGlkZV9fc2xpZGVze21hcmdpbjowfQ==
LnRiLWhlYWRpbmcuaGFzLWJhY2tncm91bmR7cGFkZGluZzowfQ==
.tb-container .tb-container-inner{width:100%;margin:0 auto} .wp-block-toolset-blocks-container.tb-container[data-toolset-blocks-container="94c4d5b145189090acdb777c531db5af"] { padding: 25px; } .tb-button{color:#f1f1f1}.tb-button--left{text-align:left}.tb-button--center{text-align:center}.tb-button--right{text-align:right}.tb-button__link{color:inherit;cursor:pointer;display:inline-block;line-height:100%;text-decoration:none !important;text-align:center;transition:all 0.3s ease}.tb-button__link:hover,.tb-button__link:focus,.tb-button__link:visited{color:inherit}.tb-button__link:hover .tb-button__content,.tb-button__link:focus .tb-button__content,.tb-button__link:visited .tb-button__content{font-family:inherit;font-style:inherit;font-weight:inherit;letter-spacing:inherit;text-decoration:inherit;text-shadow:inherit;text-transform:inherit}.tb-button__content{vertical-align:middle;transition:all 0.3s ease}.tb-button__icon{transition:all 0.3s ease;display:inline-block;vertical-align:middle;font-style:normal !important}.tb-button__icon::before{content:attr(data-font-code);font-weight:normal !important}.tb-button__link{background-color:#444;border-radius:0.3em;font-size:1.3em;margin-bottom:0.76em;padding:0.55em 1.5em 0.55em} .tb-button[data-toolset-blocks-button="8282cee17cb5a6a837e8e1e17f9d9865"] { text-align: left; } .tb-button[data-toolset-blocks-button="8282cee17cb5a6a837e8e1e17f9d9865"] .tb-button__link { background-color: rgba( 255, 255, 255, 1 );border-radius: 50px;color: rgba( 23, 28, 84, 1 );padding: 8px 20px 8px 20px;border: 1px solid rgba( 23, 28, 84, 1 );font-size: 18px;color: rgba( 23, 28, 84, 1 ); } .tb-button[data-toolset-blocks-button="8282cee17cb5a6a837e8e1e17f9d9865"] .tb-button__link:hover { background-color: rgba( 40, 113, 173, 1 );border-radius: 50px;color: rgba( 255, 255, 255, 1 );padding: 8px 20px 8px 20px;border: 1px solid rgba( 23, 28, 84, 1 );color: rgba( 255, 255, 255, 1 ); } .tb-button[data-toolset-blocks-button="8282cee17cb5a6a837e8e1e17f9d9865"] .tb-button__link:active { background-color: rgba( 255, 255, 255, 1 );border-radius: 50px;color: rgba( 23, 28, 84, 1 );padding: 8px 20px 8px 20px;border: 1px solid rgba( 23, 28, 84, 1 );color: rgba( 23, 28, 84, 1 ); } .tb-button[data-toolset-blocks-button="8282cee17cb5a6a837e8e1e17f9d9865"] .tb-button__icon { font-family: dashicons;margin-right: 10px; } .tb-button[data-toolset-blocks-button="8282cee17cb5a6a837e8e1e17f9d9865"] .tb-button__icon::before { content: '\f103'; } .tb-grid,.tb-grid>.block-editor-inner-blocks>.block-editor-block-list__layout{display:grid;grid-row-gap:25px;grid-column-gap:25px}.tb-grid-item{background:#d38a03;padding:30px}.tb-grid-column{flex-wrap:wrap}.tb-grid-column>*{width:100%}.tb-grid-column.tb-grid-align-top{width:100%;display:flex;align-content:flex-start}.tb-grid-column.tb-grid-align-center{width:100%;display:flex;align-content:center}.tb-grid-column.tb-grid-align-bottom{width:100%;display:flex;align-content:flex-end} .wp-block-toolset-blocks-grid.tb-grid[data-toolset-blocks-grid="03923b42ca5ba704079b781bb6cf8ec1"] { grid-template-columns: minmax(0, 1fr);grid-column-gap: 0px;grid-auto-flow: row } .wp-block-toolset-blocks-grid.tb-grid[data-toolset-blocks-grid="03923b42ca5ba704079b781bb6cf8ec1"]  > .tb-grid-column:nth-of-type(1n+1) { grid-column: 1 } .wp-block-toolset-blocks-grid-column.tb-grid-column[data-toolset-blocks-grid-column="110da289a367c76cbaa13243eac51d4f"] { display: flex; } .tb-fields-and-text[data-toolset-blocks-fields-and-text="44855410933f79eb72e3c5e281e1da34"] { font-size: 18px;color: rgba( 23, 28, 84, 1 ); } .tb-fields-and-text[data-toolset-blocks-fields-and-text="44855410933f79eb72e3c5e281e1da34"] p { font-size: 18px;color: rgba( 23, 28, 84, 1 ); } .tb-grid,.tb-grid>.block-editor-inner-blocks>.block-editor-block-list__layout{display:grid;grid-row-gap:25px;grid-column-gap:25px}.tb-grid-item{background:#d38a03;padding:30px}.tb-grid-column{flex-wrap:wrap}.tb-grid-column>*{width:100%}.tb-grid-column.tb-grid-align-top{width:100%;display:flex;align-content:flex-start}.tb-grid-column.tb-grid-align-center{width:100%;display:flex;align-content:center}.tb-grid-column.tb-grid-align-bottom{width:100%;display:flex;align-content:flex-end} .wp-block-toolset-blocks-grid.tb-grid[data-toolset-blocks-grid="bbc025d81d205449f785cf9239f333b8"] { grid-template-columns: minmax(0, 1fr);grid-column-gap: 0px;grid-row-gap: 60px;grid-auto-flow: row } .wp-block-toolset-blocks-grid.tb-grid[data-toolset-blocks-grid="bbc025d81d205449f785cf9239f333b8"]  > .tb-grid-column:nth-of-type(1n+1) { grid-column: 1 } .wp-block-toolset-blocks-grid-column.tb-grid-column[data-toolset-blocks-grid-column="07cc8ce3e15a3c64f0f0e012c43e1484"] { display: flex; }  .tb-fields-and-text[data-toolset-blocks-fields-and-text="f55aa7d88b65a599e0a8705c8bb2a7f9"] { font-size: 18px; } .tb-fields-and-text[data-toolset-blocks-fields-and-text="f55aa7d88b65a599e0a8705c8bb2a7f9"] p { font-size: 18px; } .tb-fields-and-text[data-toolset-blocks-fields-and-text="e4f2f6e200d5b09da4662d342f64a618"] { font-size: 14px;padding-bottom: 20px; } .tb-fields-and-text[data-toolset-blocks-fields-and-text="e4f2f6e200d5b09da4662d342f64a618"] p { font-size: 14px; } h1.tb-heading[data-toolset-blocks-heading="4b2a33fd0a8c89401f9312cc49cf505a"]  { color: rgba( 23, 28, 84, 1 );text-align: center;margin-top: 10px; }  .tb-field[data-toolset-blocks-field="ab0d2fb02080d677efb49551e9148bb8"] { font-size: 12px;text-transform: uppercase;text-align: center;color: rgba( 40, 113, 173, 1 ); }  .tb-field[data-toolset-blocks-field="ab0d2fb02080d677efb49551e9148bb8"] a { color: rgba( 40, 113, 173, 1 );text-transform: uppercase; } .tb-field[data-toolset-blocks-field="ab0d2fb02080d677efb49551e9148bb8"] a:hover { color: rgba( 23, 28, 84, 1 ); } @media only screen and (max-width: 781px) { .tb-container .tb-container-inner{width:100%;margin:0 auto}.tb-button{color:#f1f1f1}.tb-button--left{text-align:left}.tb-button--center{text-align:center}.tb-button--right{text-align:right}.tb-button__link{color:inherit;cursor:pointer;display:inline-block;line-height:100%;text-decoration:none !important;text-align:center;transition:all 0.3s ease}.tb-button__link:hover,.tb-button__link:focus,.tb-button__link:visited{color:inherit}.tb-button__link:hover .tb-button__content,.tb-button__link:focus .tb-button__content,.tb-button__link:visited .tb-button__content{font-family:inherit;font-style:inherit;font-weight:inherit;letter-spacing:inherit;text-decoration:inherit;text-shadow:inherit;text-transform:inherit}.tb-button__content{vertical-align:middle;transition:all 0.3s ease}.tb-button__icon{transition:all 0.3s ease;display:inline-block;vertical-align:middle;font-style:normal !important}.tb-button__icon::before{content:attr(data-font-code);font-weight:normal !important}.tb-button__link{background-color:#444;border-radius:0.3em;font-size:1.3em;margin-bottom:0.76em;padding:0.55em 1.5em 0.55em}.tb-grid,.tb-grid>.block-editor-inner-blocks>.block-editor-block-list__layout{display:grid;grid-row-gap:25px;grid-column-gap:25px}.tb-grid-item{background:#d38a03;padding:30px}.tb-grid-column{flex-wrap:wrap}.tb-grid-column>*{width:100%}.tb-grid-column.tb-grid-align-top{width:100%;display:flex;align-content:flex-start}.tb-grid-column.tb-grid-align-center{width:100%;display:flex;align-content:center}.tb-grid-column.tb-grid-align-bottom{width:100%;display:flex;align-content:flex-end} .wp-block-toolset-blocks-grid.tb-grid[data-toolset-blocks-grid="03923b42ca5ba704079b781bb6cf8ec1"] { grid-template-columns: minmax(0, 1fr);grid-auto-flow: row } .wp-block-toolset-blocks-grid.tb-grid[data-toolset-blocks-grid="03923b42ca5ba704079b781bb6cf8ec1"]  > .tb-grid-column:nth-of-type(1n+1) { grid-column: 1 } .wp-block-toolset-blocks-grid-column.tb-grid-column[data-toolset-blocks-grid-column="110da289a367c76cbaa13243eac51d4f"] { display: flex; } .tb-grid,.tb-grid>.block-editor-inner-blocks>.block-editor-block-list__layout{display:grid;grid-row-gap:25px;grid-column-gap:25px}.tb-grid-item{background:#d38a03;padding:30px}.tb-grid-column{flex-wrap:wrap}.tb-grid-column>*{width:100%}.tb-grid-column.tb-grid-align-top{width:100%;display:flex;align-content:flex-start}.tb-grid-column.tb-grid-align-center{width:100%;display:flex;align-content:center}.tb-grid-column.tb-grid-align-bottom{width:100%;display:flex;align-content:flex-end} .wp-block-toolset-blocks-grid.tb-grid[data-toolset-blocks-grid="bbc025d81d205449f785cf9239f333b8"] { grid-template-columns: minmax(0, 0.5fr) minmax(0, 0.5fr);grid-auto-flow: row } .wp-block-toolset-blocks-grid.tb-grid[data-toolset-blocks-grid="bbc025d81d205449f785cf9239f333b8"] > .tb-grid-column:nth-of-type(2n + 1) { grid-column: 1 } .wp-block-toolset-blocks-grid.tb-grid[data-toolset-blocks-grid="bbc025d81d205449f785cf9239f333b8"] > .tb-grid-column:nth-of-type(2n + 2) { grid-column: 2 } .wp-block-toolset-blocks-grid-column.tb-grid-column[data-toolset-blocks-grid-column="07cc8ce3e15a3c64f0f0e012c43e1484"] { display: flex; }     } @media only screen and (max-width: 599px) { .tb-container .tb-container-inner{width:100%;margin:0 auto}.tb-button{color:#f1f1f1}.tb-button--left{text-align:left}.tb-button--center{text-align:center}.tb-button--right{text-align:right}.tb-button__link{color:inherit;cursor:pointer;display:inline-block;line-height:100%;text-decoration:none !important;text-align:center;transition:all 0.3s ease}.tb-button__link:hover,.tb-button__link:focus,.tb-button__link:visited{color:inherit}.tb-button__link:hover .tb-button__content,.tb-button__link:focus .tb-button__content,.tb-button__link:visited .tb-button__content{font-family:inherit;font-style:inherit;font-weight:inherit;letter-spacing:inherit;text-decoration:inherit;text-shadow:inherit;text-transform:inherit}.tb-button__content{vertical-align:middle;transition:all 0.3s ease}.tb-button__icon{transition:all 0.3s ease;display:inline-block;vertical-align:middle;font-style:normal !important}.tb-button__icon::before{content:attr(data-font-code);font-weight:normal !important}.tb-button__link{background-color:#444;border-radius:0.3em;font-size:1.3em;margin-bottom:0.76em;padding:0.55em 1.5em 0.55em}.tb-grid,.tb-grid>.block-editor-inner-blocks>.block-editor-block-list__layout{display:grid;grid-row-gap:25px;grid-column-gap:25px}.tb-grid-item{background:#d38a03;padding:30px}.tb-grid-column{flex-wrap:wrap}.tb-grid-column>*{width:100%}.tb-grid-column.tb-grid-align-top{width:100%;display:flex;align-content:flex-start}.tb-grid-column.tb-grid-align-center{width:100%;display:flex;align-content:center}.tb-grid-column.tb-grid-align-bottom{width:100%;display:flex;align-content:flex-end} .wp-block-toolset-blocks-grid.tb-grid[data-toolset-blocks-grid="03923b42ca5ba704079b781bb6cf8ec1"] { grid-template-columns: minmax(0, 1fr);grid-auto-flow: row } .wp-block-toolset-blocks-grid.tb-grid[data-toolset-blocks-grid="03923b42ca5ba704079b781bb6cf8ec1"]  > .tb-grid-column:nth-of-type(1n+1) { grid-column: 1 } .wp-block-toolset-blocks-grid-column.tb-grid-column[data-toolset-blocks-grid-column="110da289a367c76cbaa13243eac51d4f"] { display: flex; } .tb-grid,.tb-grid>.block-editor-inner-blocks>.block-editor-block-list__layout{display:grid;grid-row-gap:25px;grid-column-gap:25px}.tb-grid-item{background:#d38a03;padding:30px}.tb-grid-column{flex-wrap:wrap}.tb-grid-column>*{width:100%}.tb-grid-column.tb-grid-align-top{width:100%;display:flex;align-content:flex-start}.tb-grid-column.tb-grid-align-center{width:100%;display:flex;align-content:center}.tb-grid-column.tb-grid-align-bottom{width:100%;display:flex;align-content:flex-end} .wp-block-toolset-blocks-grid.tb-grid[data-toolset-blocks-grid="bbc025d81d205449f785cf9239f333b8"] { grid-template-columns: minmax(0, 1fr);grid-auto-flow: row } .wp-block-toolset-blocks-grid.tb-grid[data-toolset-blocks-grid="bbc025d81d205449f785cf9239f333b8"]  > .tb-grid-column:nth-of-type(1n+1) { grid-column: 1 } .wp-block-toolset-blocks-grid-column.tb-grid-column[data-toolset-blocks-grid-column="07cc8ce3e15a3c64f0f0e012c43e1484"] { display: flex; }     } 
Connected Lending of Last Resort
By Kris Mitchener | Posted on 9 February 2023
Post type: Paper
Because of secrecy, little is known about the political economy of central bank lending. Utilizing a novel, hand-collected historical daily dataset on loans to commercial banks, we analyze how personal connections matter for lending of last resort, highlighting the importance of governance for this core function of central banks. We show that, when faced with a banking panic in November 1930, the Banque de France (BdF) lent selectively rather than broadly, providing substantially more liquidity to connected banks – those whose board members were BdF shareholders. The BdF’s selective lending policy failed to internalize a negative externality – that lending would be insufficient to arrest the panic and that distress via contagion would spillover to connected banks. Connected lending of last resort fueled the worst banking crisis in French history, caused an unprecedented government bailout of the central bank, and resulted in loss of shareholder control over the central bank.
Co-Author(s): Eric Monnet
