Self-Fulfilling Credit Market Freezes
---- Acknowledgements -----
We thank Paolo Pesenti, Jakub Steiner, and Andrew Winton for insightful comments. We also thank seminar and conference participants at the American Economic Association Annual Meeting, the Bank of Portugal Conference on Financial Intermediation, the Federal Reserve Bank of Philadelphia, Harvard University, the IMF Annual Research Conference, the Wharton School, and Temple University. Bebchuk would like to thank the John M. Olin Center for Law, Economics, and Business for financial support. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.