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Los Bancos Centrales como Prestamistas de Última Instancia

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  • Fernando Ossa

    ()
    (Instituto de Economía)

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    Abstract

    Central banks act as lenders of last resort to commercial banks and other financial institutions. However, there is much controversy about whether or not they should perform this function. This article analyses, in the first place, the principal aspects o

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    File URL: http://www.economia.puc.cl/docs/120ossaa.pdf
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    Bibliographic Info

    Article provided by Instituto de Economía. Pontificia Universidad Católica de Chile. in its journal Cuadernos de Economía-Latin American Journal of Economics.

    Volume (Year): 40 (2003)
    Issue (Month): 120 ()
    Pages: 323-335

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    Handle: RePEc:ioe:cuadec:v:40:y:2003:i:120:p:323-335

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    Related research

    Keywords: Lender of last resort; central banks; commercial banks; financial crises; international monetary fund;

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    1. Diamond, Douglas W & Dybvig, Philip H, 1983. "Bank Runs, Deposit Insurance, and Liquidity," Journal of Political Economy, University of Chicago Press, vol. 91(3), pages 401-19, June.
    2. José de Gregorio, 2002. "Macroeconomic Management in Emerging Economies and The International Financial Architecture," Documentos de Trabajo 130, Centro de Economía Aplicada, Universidad de Chile.
    3. Fischer, Stanley, 1999. "Reforming the International Financial System," Economic Journal, Royal Economic Society, vol. 109(459), pages F557-76, November.
    4. Haizhou Huang & C. A. E. Goodhart, 1999. "A Model of the Lender of Last Resort," IMF Working Papers 99/39, International Monetary Fund.
    5. Michael D. Bordo, 1989. "The lender of last resort: some historical insights," Proceedings 234, Federal Reserve Bank of Chicago.
    6. Dowd, Kevin, 1994. "Competitive Banking, Bankers' Clubs, and Bank Regulation," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 26(2), pages 289-308, May.
    7. Gorton, Gary & Mullineaux, Donald J, 1987. "The Joint Production of Confidence: Endogenous Regulation and Nineteenth Century Commercial-Bank Clearinghouses," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 19(4), pages 457-68, November.
    8. Eduardo Levy Yeyati & Tito Cordella, 1999. "Bank Bailouts: Moral Hazard vs. Value Effect," IMF Working Papers 99/106, International Monetary Fund.
    9. Stiglitz, Joseph E & Weiss, Andrew, 1981. "Credit Rationing in Markets with Imperfect Information," American Economic Review, American Economic Association, vol. 71(3), pages 393-410, June.
    10. Thomas M. Humphrey & Robert E. Keleher, 1984. "The lender of last resort : a historical perspective," Working Paper 84-03, Federal Reserve Bank of Richmond.
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