Journal of Financial Crises

2019 - 2025

From Yale Program on Financial Stability (YPFS)
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Volume 7, issue 1, 2025

Containing Runs on Solvent Banks: Prioritizing Recovery over Resolution pp. 1-30

Edoardo Martino and Enrico Perotti

Fighting "Fear Itself": The Bank Holiday of March 1933 pp. 31-56

Matthew Jaremski, Gary Richardson and Angela Vossmeyer

Ad Hoc Emergency Liquidity Programs in the 21st Century pp. 57-106

Steven Kelly, Vincient Arnold, Greg Feldberg and Andrew Metrick

Brazil: Banco BTG Pactual Emergency Liquidity Program, 2015 pp. 107-127

Vincient Arnold

Canada: Canadian Commercial Bank Emergency Liquidity Program, 1985 pp. 128-145

Adam Keanie and Leo Brougher

Cyprus: Laiki Bank Ad Hoc Emergency Liquidity Assistance, 2011 pp. 146-165

Stella Schaefer-Brown

Denmark: Roskilde Bank Emergency Liquidity Program, 2008 pp. 166-188

Bailey Decker

Germany: IKB Deutsche Industriebank Emergency Liquidity Program, 2008 pp. 189-202

Ayodeji George and Sophia Alden

Iceland: Kaupthing Emergency Liquidity Program, 2008 pp. 203-229

Sophia Alden and Leo Brougher

Indonesia: Bank Century Emergency Liquidity Program pp. 230-259

Vincient Arnold

Ireland: Anglo Irish Bank Emergency Liquidity Assistance, 2009 pp. 260-293

Salil Gupta, Mahdi Khairallah and Nik Adlina Nik Moktar

Italy: Banco Ambrosiano Emergency Liquidity Program, 1982 pp. 294-308

Kopal Ardimento

Latvia: Parex Bank Emergency Liquidity Program, 2008 pp. 309-339

Bailey Decker

Moldova: Consortium of Banks Emergency Liquidity Program, 2014 pp. 340-370

Vincient Arnold

Russia: Otkritie Emergency Liquidity Program, 2017 pp. 371-394

Benjamin Hoffner

Spain: Caja de Ahorros Castilla-La Mancha Emergency Liquidity Assistance, 2009 pp. 395-413

Vincient Arnold and Lakshimi Swaminathan

Sweden: Carnegie Investment Bank AB Emergency Liquidity Program, 2008 pp. 414-431

Sophia Alden and Jack French

Switzerland: Credit Suisse Emergency Liquidity Program, 2023 pp. 432-463

Jack French, Owen Heaphy and Steven Kelly

United Kingdom: HBOS and RBS Emergency Liquidity Program, 2008 pp. 464-494

Bailey Decker and Jack French

United Kingdom: Northern Rock Emergency Liquidity Program, 2007 pp. 495-526

Bailey Decker, Jack French and Eming Shyu

United States: Bank of America Emergency Liquidity Program, 2009 pp. 527-554

Vincient Arnold

United States: Bear Stearns Emergency Liquidity Assistance, 2008 pp. 555-585

Vincient Arnold

United States: Citigroup Emergency Liquidity Program, 2008 pp. 586-622

Vincient Arnold

United States: First Republic Bank Emergency Liquidity Program, 2023 pp. 623-653

Salil Gupta, Jack French and Steven Kelly

United States: Lehman Brothers Broker-Dealer Emergency Liquidity Program, 2008 pp. 654-682

Ayodeji George and Steven Kelly

Liquidity Facilities Provided to Banks during the Dominican Republic Financial Crisis of 2003 pp. 683-689

Marco Porfirio Martinez

Eliminating Discount Window Stigma: What Can We Learn from Abroad? pp. 690-706

Susan McLaughlin

Lessons Learned: Jesper Berg pp. 707-710

Maryann Haggerty

Lessons Learned: J. Christopher Flowers pp. 711-714

Mary Anne Chute Lynch

Lessons Learned: Giorgio Gobbi pp. 715-717

Mercedes Cardona

Lessons Learned: Philip Lane pp. 718-721

Mary Anne Chute Lynch and Rosalind Wiggins

Lessons Learned: Fabrizio Lopez-Gallo pp. 722-724

Mercedes Cardona

Lessons Learned: Cecilia Skingsley pp. 725-728

Maryann Haggerty

Volume 6, issue 4, 2024

The 2023 Banking Turmoil: Lessons for EU Resolution Authorities pp. 1-54

Niccolo Cirillo, Francesco Pennesi and Sebastiano Laviola

International Monetary Fund: Foreign Exchange Liquidity through the Special Drawing Rights Allocation, 2021 pp. 55-81

Vincient Arnold

International Monetary Fund: Short-term Liquidity Line, 2020 pp. 82-115

Carey Mott and Leo Brougher

International Monetary Fund: Special Drawing Rights Allocations, 2009 pp. 116-140

Ikbal Ahluwalia, Owen Heaphy and Rosalind Wiggins

Lessons Learned: Jason Cave pp. 141-146

Vincient Arnold and Greg Feldberg

Lessons Learned: Subba Rao Duvvuri pp. 147-150

Salil Gupta

Lessons Learned: Calvin Mitchell III pp. 151-153

Mercedes Cardona

Lessons Learned: Karl-Philipp Wojick pp. 154-156

Maryann Haggerty

Volume 6, issue 3, 2024

Survey of Ad Hoc Capital Injections pp. 1-34

June Rhee, Benjamin Hoffner, Greg Feldberg and Andrew Metrick

Austria and Germany: Hypo Alpe Adria Capital Injections, 2008 pp. 35-69

Bailey Decker

Belgium: Fortis Group Capital Injection, 2008 pp. 70-84

Ayodeji George

Belgium and France: Dexia Group Capital Injection, 2008 pp. 85-103

Ayodeji George

Cyprus: Laiki Bank Capital Injection, 2012 pp. 104-122

Stella Schaefer-Brown

France: Bank of France Capital Injection, 1805 pp. 123-136

Ayodeji George

Germany: HSH Nordbank Capital Injection, 2009 pp. 137-156

Anmol Makhija

Germany: IKB Deutsche Industriebank Capital Injection, 2008 pp. 157-174

Lakshimi Swaminathan and Rishi Vala

Greece: ATE Bank Capital Injection, 2011 pp. 175-190

Stella Schaefer-Brown

Greece: Piraeus Bank Capital Injection, 2015 pp. 191-207

Stella Schaefer-Brown

Iceland: Arion Bank, Islandsbanki, and Landsbankinn Capital Injections, 2008 pp. 208-235

Ayodeji George

India: Yes Bank Capital Injection, 2020 pp. 236-266

Salil Gupta

Italy: Banca Monte dei Paschi di Siena Capital Injection, 2017 pp. 267-287

Benjamin Hoffner

Japan: Nippon Credit Bank Capital Injection,1997 pp. 288-310

Owen Heaphy

Korea: Korea First Bank and Seoul Bank Capital Injections, 1997 pp. 311-332

Jisoo Park and Owen Heaphy

Latvia: Parex Bank Capital Injection, 2008 pp. 333-373

Bailey Decker

Netherlands: SNS Reaal Capital Injection, 2013 pp. 374-396

Ayodeji George

Portugal: Banco Espirito Santo Capital Injection, 2014 pp. 397-426

Salil Gupta and Shavonda Brandon

Russia: Otkritie Bank Capital Injection, 2017 pp. 427-452

Benjamin Hoffner

Spain: Caja de Ahorros Castilla-La Mancha Capital Injection, 2009 pp. 453-470

Lakshimi Swaminathan and Vincient Arnold

Switzerland: Schweizerische Volksbank Capital Injection, 1933 pp. 471-486

Anmol Makhija

Switzerland: UBS Capital Injection, 2008 pp. 487-507

Anmol Makhija

United States: Bank of America Capital Injection, 2009 pp. 508-529

Benjamin Hoffner and Vincient Arnold

United States: Citigroup Capital Injection, 2008 pp. 530-558

Benjamin Hoffner and Vincient Arnold

Russia: Otkritie Bank Restructuring, 2017 pp. 559-586

Benjamin Hoffner

Policy Note | Discount Window Stigma: What's Design Got to Do with It? pp. 587-596

Susan McLaughlin

Policy Note | Weekly Fed Report Still Drives Discount Window Stigma pp. 597-610

Steven Kelly

Lessons Learned: Alfred DelliBovi pp. 611-614

Maryanne Chute Lynch and Rosalind Wiggins

Lessons Learned: Martin Redrado pp. 615-616

Vincient Arnold

Volume 6, issue 2, 2024

Federal Reserve: Conflicts between Monetary Policy and Bank Regulation in Tackling Inflation pp. 1-42

Aaron Klein

India: Yes Bank Restructuring, 2020 pp. 43-71

Salil Gupta

Lessons for the Discount Window from the March 2023 Bank Failures pp. 72-84

Susan McLaughlin

FHLB Dividends: Low-Hanging Fruit for Reconfiguring FHLB Lending pp. 85-104

Steven Kelly, Susan McLaughlin and Andrew Metrick

Lessons Learned: Paul Boothe pp. 105-107

Mary Anne Chute Lynch

Lessons Learned: Bo Lundgren pp. 108-112

Maryann Haggerty

Lessons Learned: Daniela Klingebiel pp. 108-110

Yasemin Sim Esmen

Lessons Learned: Guillermo Ortiz Martinez pp. 111-114

Mercedes Cardona

Volume 6, issue 1, 2024

Survey of Resolution and Restructuring in Europe: Pre- and Post-BRRD pp. 1-34

Christian McNamara, Carey Mott, Salil Gupta, Greg Feldberg and Andrew Metrick

Austria: Heta Asset Resolution Restructuring, 2015 pp. 35-67

Bailey Decker and Eming Shyu

Belgium: Fortis Group Restructuring, 2008 pp. 68-90

Ayodeji George

Belgium, France, Luxembourg: Dexia Group Restructuring, 2011 pp. 91-122

Ayodeji George

Cyprus: Laiki Bank and Bank of Cyprus Restructuring, 2013 pp. 123-149

Stella Schaefer-Brown

Denmark: Andelskassen J.A.K. Slagelse Restructuring, 2015 pp. 150-176

Lakshimi Swaminathan

Denmark: Roskilde Bank Restructuring, 2008 pp. 177-217

Bailey Decker

Greece: ATE Bank Restructuring, 2012 pp. 218-237

Stella Schaefer-Brown

Greece: Piraeus Bank Restructuring, 2015 pp. 238-255

Stella Schaefer-Brown

Hungary: Magyar Kulkereskedelmi Bank Restructuring, 2014 pp. 256-278

Lakshimi Swaminathan

Iceland: Landsbanki Restructuring, 2008 pp. 279-311

Ayodeji George

Italy: Restructuring of Four Banks, 2015 pp. 312-343

Salil Gupta

Latvia: Parex Bank Restructuring, 2008 pp. 344-391

Bailey Decker

Luxembourg: Kaupthing Bank Luxembourg Restructuring, 2008 pp. 392-410

Ayodeji George

Netherlands: SNS Reaal Restructuring, 2013 pp. 411-435

Ayodeji George

Portugal: Banco Espirito Santo Restructuring, 2014 pp. 436-485

Salil Gupta

Spain: Banco Popular Restructuring, 2017 pp. 486-534

Carey Mott

Spain: BFA-Bankia Group Restructuring, 2012 pp. 535-558

Lakshimi Swaminathan

Switzerland: UBS Restructuring, 2008 pp. 559-582

Anmol Makhija

United Kingdom: Dunfermline Building Society Restructuring, 2009 pp. 583-606

Anmol Makhija

Lessons Learned: Adam Balog pp. 607-609

Matthew Lieber

Lessons Learned: Adam Banai pp. 610-612

Matthew Lieber

Lessons Learned: Peter Akos Bod pp. 613-615

Matthew Lieber

Lessons Learned: Julia Kiraly pp. 616-618

Matthew Lieber

Lessons Learned: Til Schuermann pp. 619-621

Mercedes Cardona

Lessons Learned: Andrew Williams pp. 622-624

Mercedes Cardona