Jamilov acknowledges funding by the John Fell Fund (CUD00490). König acknowledges funding by the Deutsche Forschungsgemeinschaft (DFG, German Research Foundation) through CRC TR 224 (Project C03). Müller acknowledges support from a Singapore MOE PYP grant (WBS A-0003319-01-00 and A-0003319-02-00), Tier 1 grant (A-8001749-00-00), and the NUS Risk Management Institute (A-8002360-00-00). Saidi acknowledges funding by the Deutsche Forschungsgemeinschaft (DFG, German Research Foundation) under Germany's Excellence Strategy (EXC 2126/1 -- 390838866) and through CRC TR 224 (Project C03).

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We would like to thank Viral Acharya, Matt Baron, Michael Bordo, David Chambers (discussant), Alessandro Dovis, Martin Ellison, Thomas Flanagan (discussant), James Forder, Ricardo Duque Gabriel, Itay Goldstein, Dan Greenwald, Kinda Hachem (discussant), Raj Iyer (discussant), Matthew Jaremski, Anil Kashyap (discussant), Narayana Kocherlakota, Peter Koudijs, Arvind Krishnamurthy, Stephan Luck, Chris Meissner, Cecilia Parlatore, Jonathan Payne (discussant), Rafael Repullo, Hélène Rey, Björn Richter, Philipp Schnabl, Moritz Schularick, Andre Silva (discussant), Nico Thurow, Harald Uhlig, Emil Verner, Guillaume Vuillemey (discussant), Olivier Wang, Chenzi Xu, Kaspar Zimmermann (discussant), as well as seminar participants at Bank for International Settlements, CEMFI, Imperial College London, Kiel Institute for the World Economy, NYU Stern, University of Oxford, London Business School, Bank of England, University of Bonn, National University of Singapore, Singapore Management University, Asia School of Business, Finance in the Tuscan Hills, CEPR Macro History Online Seminar, 2024 CEPR IMF Annual Meeting, Banco de Portugal & CEPR Conference on Financial Intermediation, Qatar Centre for Global Banking & Finance, 2024 Yale Symposium on Financial Stability, 2024 CEBRA Annual Meeting, 2024 Wharton Conference on Liquidity and Financial Fragility, 2025 Adam Smith Workshop, 2025 FIRS Annual Conference, 2025 LBS Summer Finance Symposium, and 2025 WFA Annual Meeting for helpful comments.

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We would like to thank Ziliang Chen, Mohamed Lehbib, Robin Bae, Sunandita Borah, Lingzhi Cai, Johannes Frenken, Juliane Grill, Xiangzhu Han, Jia Ying Hsiao, Tongyu Hu, Utkarsh Kumar, Max Kordon, Hendriyono Rachman, Allah Rakha, Carlo Schröter, Sachin Sharma, Devang Shekhar, and Sin Yan Tang for outstanding research assistance.