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Public and Private Liquidity Providers

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  • Arnoldo Lopez-Marmolejo
  • Fabrizio Lopez-Gallo Dey

Abstract

The goal of this paper is to explore the benefits of having a private liquidity provider and the conditions under which this lender provides liquidity, when a public liquidity provider is also present. The model proposed incorporates an endogenous interbank lending market so that the decision of a bank to seek liquidity in the interbank market or to turn to the private or the public lender is also endogenous. This framework permits the derivation of conclusions on the size of the private lender, interbank lending conditions and optimal policy for liquidity provision.

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File URL: http://www.bbvaresearch.com/KETD/fbin/mult/WP_1015_EEUU_tcm348-224807.pdf?ts=15112011
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Bibliographic Info

Paper provided by BBVA Bank, Economic Research Department in its series Working Papers with number 1015.

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Length: 20 pages
Date of creation: Jun 2010
Date of revision:
Handle: RePEc:bbv:wpaper:1015

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  1. Viral V. Acharya & Denis Gromb & Tanju Yorulmazer, 2012. "Imperfect Competition in the Interbank Market for Liquidity as a Rationale for Central Banking," American Economic Journal: Macroeconomics, American Economic Association, vol. 4(2), pages 184-217, April.
  2. Herrala, Risto, 2001. "An assessment of alternative lender of last resort schemes," Research Discussion Papers 1/2001, Bank of Finland.
  3. Xavier Freixas & Curzio Giannini & Glenn Hoggarth & Farouk Soussa, 2000. "Lender of Last Resort: What Have We Learned Since Bagehot?," Journal of Financial Services Research, Springer, vol. 18(1), pages 63-84, October.
  4. Adam Ashcraft & Morten L. Bech & W. Scott Frame, 2009. "The Federal Home Loan Bank System: the lender of next-to-last resort?," Working Paper 2009-04, Federal Reserve Bank of Atlanta.
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