Government Loan Guarantees, Market Liquidity, and Lending Standards

The authors thank Kay Giesecke (editor), a very constructive anonymous associate editor, three anonymous referees, Jason Allen, Stathi Avdis, Christoph Bertsch, Jonathan Chiu, Francesca Cornelli, Jean-Edouard Colliard, Mohammad Davoodalhosseini, Xavier Freixas, Yunzhi Hu, Charles Kahn, Thorsten Koeppl, Todd Keister, Florian Koch, Robert Marquez, David Martinez-Miera, Guillermo Ordoñez, Nuno Paixão, George Pennacchi, Magdalena Rola-Janicka, James Thompson, Tamas Vadasz, Alexandros Vardoulakis, Andrew Winton, and Pavel Zryumov as well as audiences at Alberta School of Business, University of Amsterdam, Bank of Canada, European Central Bank (ECB), Bank of England, Hautes Etudes Commerciales Lausanne, New Frontiers in Banking 2019 Conference, Meeting of the German Finance Association (DGF) 2018, European Economic Association meeting 2020, European Finance Association meeting 2022, European Summer Meeting of the Econometric Society 2018, Financial Intermediation Research Society meeting 2023, German Economists Abroad 2018, IWFSAS 2018, Lenzerheide 2019, Money and Finance Research Group Banking Virtual Seminar, Northern Finance Association meeting 2020, Waterloo, and Wilfrid Laurier for comments. The views in the article are those of the authors and are not necessarily those of the Bank of Canada or the ECB.