Disaster Lending: “Fair” Prices but “Unfair” Access

The authors thank Sugato Bhattacharyya, Geoffrey Booth, Claire Celerier, Benjamin Collier, Kristle Romero Cortés, Tony Cookson, Bill Cready, John Driscoll, Michael Ewens, Rohan Ganduri, John Griffin, Peter Haslag, Martina Jasova, Christos A. Makridis, William Mullins, Sahil Raina, Uday Rajan, David Solomon, and seminar and conference participants at Emory, Georgia Tech, Johns Hopkins, Koc University, Washington University in St. Louis, the American Finance Association Meeting, Midwest Finance Association Meeting, Finance Down Under Conference, Front Range Finance Seminar, Kentucky Finance Conference, Chicago Financial Institutions Conference, 8th MoFiR workshop on banking, Mechanism Design for Social Good conference, 10th European Banking Center Network conference, Financial Intermediation Research Society conference, and the Red Rock Finance Conference for helpful comments on the paper. A previous version of this paper was entitled “Disaster Lending: The Distributional Consequences of Government Lending Programs.”