NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Financial Crises, Dollarization, and Lending of Last Resort in Open Economies

Luigi Bocola, Guido Lorenzoni

NBER Working Paper No. 23984
Issued in November 2017, Revised in June 2018

---- Acknowledgments ----

Previously circulated as "Financial Crises and Lending of Last Resort in Open Economies." First draft: August 29, 2016. We thank Mark Aguiar, Fernando Alvarez, Javier Bianchi, Charles Brendon, Fernando Broner, Alessandro Dovis, Pierre-Olivier Gourinchas, Anton Korinek, Matteo Maggiori, Fabrizio Perri, and participants at EIEF, CSEF-IGIER 2016, EEA-ESEM 2016, Cambridge-INET 2016, ASSA 2017, CREI, PSE, Boston College, Cornell, Carnegie Mellon, Wharton, University of Chicago, MFS 2017 spring meeting, IMF, Federal Reserve Bank of Richmond, SED 2017, NBER SI 2017, ITAM-PIER 2017, Stanford SITE 2017, Federal Reserve Board, Columbia, NYU, Duke, UNC, MIT, Harvard, the BIS, Notre Dame, UCLA, and UBC. Jane Olmstead-Rumsey provided excellent research assistance. The views expressed herein are those of the authors and not necessarily those of the Federal Reserve Bank of Minneapolis, the Federal Reserve System, or the National Bureau of Economic Research.

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