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A European Lender of Last Resort? Some Lessons from History

In: International Monetary Systems in Historical Perspective

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  • Forrest H. Capie
  • Geoffrey E. Wood

Abstract

Politicians, bankers and economists have at various times and again in recent years started to urge that there be created an ‘international lender of last resort’. Depending on the context, the ‘international’ role is thought to cover either the European Union, or, in some particularly ambitious proposals, the world as a whole, with the IMF sometimes suggested as taking on the role of worldwide lender of last resort (LLR). In every case, the objective is to ensure the stability of national banking systems — either within the EU or worldwide. The purpose of this chapter is to consider the international LLR proposal from three aspects — analytical, historical and, to some extent, that of the history of economic thought; the primary focus is on theory and history. The chapter is in four main sections.

Suggested Citation

  • Forrest H. Capie & Geoffrey E. Wood, 1995. "A European Lender of Last Resort? Some Lessons from History," Palgrave Macmillan Books, in: Jaime Reis (ed.), International Monetary Systems in Historical Perspective, chapter 9, pages 209-229, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-24220-7_10
    DOI: 10.1007/978-1-349-24220-7_10
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    Cited by:

    1. Ögren, Anders, 2003. "Lender of Last Resort in a Peripheral Economy with a Fixed Exchange Rate: Financial Crises and Monetary Policy in Sweden under the Silver and Gold Standards, 1834 – 1913," SSE/EFI Working Paper Series in Economics and Finance 537, Stockholm School of Economics, revised 15 Oct 2003.

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