The data for the analysis are daily and cover the period from January 1, 2015, to June 15, 2025. The sample consists of DIs (both banks and credit unions) that have filed the legal documents to be able to borrow (Operating Circular 10). This means that all the institutions have established arrangements to borrow; the key difference is the level of engagement and preparedness that is indicated by pre-pledging collateral. Overall, about half of the institutions that have filed the legal documents to enable them to borrow have also pledged collateral.
Carlson et al. (Fri,) studied this question.