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International Lending of Last Resort in Historical and Theoretical Perspectives: Introduction

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  • Trautwein Hans-Michael

    (Carl von Ossietzky Universität Oldenburg, FK II – VWL, D-26111, Oldenburg, Germany)

Abstract

This paper provides an introduction to the special issue on international lending of last resort. Starting from debates about rescue operations and unconventional policies of major central banks in the contexts of the Global Financial Crisis and the European Debt Crisis, it draws attention to recurring controversies about trade-offs between averting critical contagion in financial markets and avoiding moral hazard. The need for international lending of last resort in strongly interconnected financial systems is more than ever evident, but there is no clear consensus on how to manage it. The contributions to this special issue put relevant issues in historical and theoretical perspectives.

Suggested Citation

  • Trautwein Hans-Michael, 2022. "International Lending of Last Resort in Historical and Theoretical Perspectives: Introduction," Jahrbuch für Wirtschaftsgeschichte / Economic History Yearbook, De Gruyter, vol. 63(2), pages 303-310, November.
    • Handle: RePEc:bpj:jbwige:v:63:y:2022:i:2:p:303-310:n:8
    DOI: 10.1515/jbwg-2022-0011
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    Keywords

    financial crises; lending of last resort; monetary union; gold standard; central bank cooperation; Finanzkrisen; Kreditvergabe der letzten Instanz; Währungsunion; Goldstandard; Zentralbankkooperation;
    All these keywords.

    JEL classification:

    • B - Schools of Economic Thought and Methodology
    • B - Schools of Economic Thought and Methodology
    • E - Macroeconomics and Monetary Economics
    • E - Macroeconomics and Monetary Economics
    • F - International Economics
    • F - International Economics
    • G - Financial Economics

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