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The International Lender of Last Resort. How Large Is Large Enough?

In: Managing Currency Crises in Emerging Markets

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Author Info
Olivier Jeanne
Charles Wyplosz

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This chapter was published in: Olivier Jeanne & Charles Wyplosz Managing Currency Crises in Emerging Markets, , pages 89-124, 2003.

This item is provided by National Bureau of Economic Research, Inc in its series NBER Chapters with number 9649.

Handle: RePEc:nbr:nberch:9649

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Related research
This chapter was published in the following book, which is listed on IDEAS:
Michael P. Dooley & Jeffrey A. Frankel, 2003. "Managing Currency Crises in Emerging Markets," NBER Books, National Bureau of Economic Research, Inc, number dool03-1.
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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Martin Schneider & Aaron Tornell, 2000. "Balance SHeet Effects, Bailout Guarantees and Financial Crises," NBER Working Papers 8060, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  2. Craig Burnside & Martin Eichenbaum & Sergio Rebelo, 1999. "Hedging and Financial Fragility in Fixed Exchange Rate Regimes," NBER Working Papers 7143, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  3. Goodhart, C A E, 1987. "Why Do Banks Need a Central Bank?," Oxford Economic Papers, Oxford University Press, vol. 39(1), pages 75-89, March. [Downloadable!] (restricted)
  4. Philippe Aghion & Philippe Bacchetta & Abhijit Banerjee, 2000. "Currency Crises and Monetary Policy in an Economy with Credit Constraints," Working Papers 00.07, Swiss National Bank, Study Center Gerzensee. [Downloadable!]
    Other versions:
  5. Atish R. Ghosh & Swart R. Ghosh, 1999. "East Asia in the Aftermath - Was There a Crunch?," IMF Working Papers 99/38, International Monetary Fund.
  6. Charles Enoch & Anne Marie Gulde & Carl-Johan Lindgren & Marc Quintyn & Leslie Teo & Tomás J. T. Baliño, 2000. "Financial Sector Crisis and Restructuring:Lessons from Asia," IMF Occasional Papers 188, International Monetary Fund. [Downloadable!]
  7. Graciela L. Kaminsky & Carmen M. Reinhart, 1996. "The twin crises: the causes of banking and balance-of-payments problems," International Finance Discussion Papers 544, Board of Governors of the Federal Reserve System (U.S.). [Downloadable!]
    Other versions:
  8. Morris, S & Song Shin, H, 1996. "Unique Equilibrium in a Model of Self-Fulfilling Currency Attacks," Economics Papers 126, Economics Group, Nuffield College, University of Oxford.
    Other versions:
  9. Mark Gertler & Simon Gilchrist & Fabio Natalucci, 2003. "External Constraints on Monetary Policy and the Financial Accelerator," NBER Working Papers 10128, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  10. Roberto Chang & Andrés Velasco, 2000. "Liquidity Crises in Emerging Markets: Theory and Policy," NBER Chapters, in: NBER Macroeconomics Annual 1999, Volume 14, pages 11-78 National Bureau of Economic Research, Inc. [Downloadable!]
    Other versions:
  11. Haizhou Huang & C. A. E. Goodhart, 2000. "A Simple Model of an International Lender of Last Resort," IMF Working Papers 00/75, International Monetary Fund.
    Other versions:
  12. Luis Felipe Cespedes & Roberto Chang & Andres Velasco, 2000. "Balance Sheets and Exchange Rate Policy," NBER Working Papers 7840, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  13. repec:fip:fedreq:y:1990:i:jan:p:18-29:n:v.76no.1 is not listed on IDEAS
  14. Kenneth Rogoff, 1999. "International Institutions for Reducing Global Financial Instability," NBER Working Papers 7265, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  15. Manmohan S. Kumar & Paul R. Masson & Marcus Miller, 2000. "Global Financial Crises - Institutions and Incentives," IMF Working Papers 00/105, International Monetary Fund.
  16. Jeanne, Olivier, 2000. "Foreign currency debt and the global financial architecture," European Economic Review, Elsevier, vol. 44(4-6), pages 719-727, May. [Downloadable!] (restricted)
  17. Piti Disyatat, . "Currency Crises and The Real Economy: The Role of Banks," IMF Working Papers 01/49, International Monetary Fund. [Downloadable!]
    Other versions:
  18. Marvin Goodfriend & Robert G. King, 1988. "Financial deregulation, monetary policy, and central banking," Working Paper 88-01, Federal Reserve Bank of Richmond. [Downloadable!]
    Other versions:
  19. Atish R. Ghosh & A. Javier Hamann & Timothy D. Lane & Steven Phillips & Marianne Schulze-Gattas & T. M. Tsikata, 1999. "IMF-Supported Programs in Indonesia, Korea and Thailand," IMF Occasional Papers 178, International Monetary Fund. [Downloadable!]
  20. Capie, Forrest, 1998. "Can There Be an International Lender-of-Last Resort?," International Finance, Blackwell Publishing, vol. 1(2), pages 311-25, December. [Downloadable!] (restricted)
  21. Burnside, C. & Eichenbaum, M. & Rebelo, S., 1998. "Prospective Deficits and the Asian Currency Crisis," RCER Working Papers 458, University of Rochester - Center for Economic Research (RCER).
    Other versions:
  22. 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. [Downloadable!] (restricted)
    Other versions:
  23. repec:fip:fedreq:y:1988:i:may:p:3-22:n:v.74no.3 is not listed on IDEAS
  24. Stanley Fischer, 1999. "On the Need for an International Lender of Last Resort," Journal of Economic Perspectives, American Economic Association, vol. 13(4), pages 85-104, Fall. [Downloadable!] (restricted)
  25. Olivier Jeanne & Jeromin Zettelmeyer, 2001. "International bailouts, moral hazard and conditionality," Economic Policy, CEPR, CES, MSH, vol. 16(33), pages 407-432, October. [Downloadable!] (restricted)
    Other versions:
  26. repec:fip:fedreq:y:1975:i:jan:p:2-9:n:v.61no.1 is not listed on IDEAS
  27. Lawrence J. Christiano & Christopher Gust & Jorge Roldos, 2002. "Monetary Policy in a Financial Crisis," NBER Working Papers 9005, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  28. Jeanne, Olivier, 2000. "Debt Maturity and the Global Financial Architecture," CEPR Discussion Papers 2520, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
  29. Jeanne, Olivier, 1999. "Currency Crises: A Perspective on Recent Theoretical Developments," CEPR Discussion Papers 2170, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
  30. Dr. Peter Kenning & Hilke Plassmann, 2004. "NeuroEconomics," Experimental 0412005, EconWPA. [Downloadable!]
  31. Ilan Goldfajn & Rodrigo O. Valdes, 1999. "Liquidity crises and the international financial architecture," Textos para discussão 401, Department of Economics PUC-Rio (Brazil). [Downloadable!]
  32. Ricardo J. Caballero & Arvind Krishnamurthy, 2000. "Dollarization of Liabilities: Underinsurance and Domestic Financial Underdevelopment," NBER Working Papers 7792, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  33. Jason Furman & Joseph E. Stiglitz, 1998. "Economic Crises: Evidence and Insights from East Asia," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 29(1998-2), pages 1-136. [Downloadable!]
  34. Philippe Bacchetta, 2000. "Monetary Policy with Foreign Currency Debt," Working Papers 00.03, Swiss National Bank, Study Center Gerzensee. [Downloadable!]
Full references

Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Rochet, Jean-Charles & Vives, Xavier, 2004. "Coordination Failures and the Lender of Last Resort : Was Bagehot Right After All?," IDEI Working Papers 294, Institut d'Économie Industrielle (IDEI), Toulouse. [Downloadable!]
    Other versions:
  2. Charles Wyplosz, 2006. "Is East Asia Safe from Financial Crises?," HEI Working Papers 02-2007, Economics Section, The Graduate Institute of International Studies, revised Jan 2007. [Downloadable!]
  3. Shim, Ilhyock & Sharma, Sunil & Chami, Ralph, 2008. "A Model of the IMF as a Coinsurance Arrangement," Economics - The Open-Access, Open-Assessment E-Journal, Kiel Institute for the World Economy, vol. 2(14), pages 1-41. [Downloadable!]
    Other versions:
  4. Olivier Jeanne & Jonathan David Ostry & Jeromin Zettelmeyer, 2008. "A Theory of International Crisis Lending and IMF Conditionality," IMF Working Papers 08/236, International Monetary Fund. [Downloadable!]
    Other versions:
  5. Eijffinger, S.C.W. & Goderis, B.V.G., 2007. "The Effect of Monetary Policy on Exchange Rates During Currency Crises: The Role of Debt, Institutions and Financial Openness," Discussion Paper 2007-18, Tilburg University, Center for Economic Research. [Downloadable!]
    Other versions:
  6. Tobias Knedlik & Johannes Stöbel, 2006. "The role of banking portfolios in the transmission from currency crises to banking crises - potential effects of Basel II," IWH Discussion Papers 21-06, Halle Institute for Economic Research. [Downloadable!]
  7. Pablo García & Claudio Soto, 2004. "Large Hoardings of International Reserves: Are They Worth It?," Working Papers Central Bank of Chile 299, Central Bank of Chile. [Downloadable!]
  8. Giancarlo Corsetti & Bernardo Guimaraes & Nouriel Roubini, 2003. "International Lending of Last Resort and Moral Hazard: A Model of IMF's Catalytic Finance," NBER Working Papers 10125, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  9. Brad Setser & Mark Allen & Christian Keller & Christoph B. Rosenberg & Nouriel Roubini, 2002. "A Balance Sheet Approach to Financial Crisis," IMF Working Papers 02/210, International Monetary Fund. [Downloadable!]
  10. Sergio Masciantonio, 2005. "The Role of Preference Structure and Moral Hazard in a Multiple Equilibria. Model of Financial Crises," Rivista di Politica Economica, SIPI Spa, vol. 95(6), pages 135-165, November-. [Downloadable!]
  11. Olivier Jeanne & Jeromin Zettelmeyer, 2003. ""Original Sin," Balance Sheet Crises, and the Roles of International Lending," IMF Working Papers 02/234, International Monetary Fund. [Downloadable!]
  12. Timothy Chue & David Cook, 2004. "Sudden Stops and Liability Dollarization: Evidence from East Asian Financial Intermediaries," Econometric Society 2004 Far Eastern Meetings 646, Econometric Society. [Downloadable!]
  13. Claudio Soto & Alberto Naudon & Eduardo López & Alvaro Aguirre, 2004. "Acerca del Nivel Adecuado de las Reservas Internacionales," Working Papers Central Bank of Chile 267, Central Bank of Chile. [Downloadable!]
  14. Thomas D. Willett, 2001. "Restructuring IMF Facilities to Separate Lender of Last Resort and Conditionality Programs: The Meltzer Commission Recommendations as Complements rather than Substitutes," Claremont Colleges Working Papers 2001-28, Claremont Colleges. [Downloadable!]
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