Liquidity Support in Financial Institutions

The views expressed in this paper are those of the authors and do not necessarily reflect the views of the Deutsche Bundesbank or the Eurosystem. The authors thank the editor, Camelia Kuhnen, the anonymous associate editor, and two anonymous referees for insightful and constructive feedback that substantially improved the paper; Vikas Agarwal, Ferhat Akbas, Lamont Black, Shaun Davies, Diane Del Guercio, Mathijs van Dijk, Robin Döttling, Francesco Franzoni, Emir Ilhan, Stephan Jank, Lena Jaroszek, Torsten Jochem, Tural Karimli, Teodora Paligorova, Altan Pazarbasi, Veronika Pool, Elias Rantapuska, Francesco Sannino, Zacharias Sautner, Claus Schmitt, Esad Smajlbegovic, Stanislav Sokolonski, Hai Tran, Francisco Urzúa-Infante, Wolf Wagner, and Florian Weigert for helpful comments and suggestions; and conference and seminar participants at the Chicago Financial Intermediation Conference, the Financial Intermediation Research Society Conference, the Asset Management Conference at ESMT Berlin, the European Finance Association Conference, the Financial Management Association Conference, the Australian Finance and Banking Conference, Rotterdam School of Management (Erasmus University), and the University of Illinois at Chicago for comments. All remaining errors are our own.