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The lender of last resort : a historical perspective

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Author Info
Thomas M. Humphrey
Robert E. Keleher
Abstract

The current international debt situation has led some analysts to suggest the possibility of a scenario whereby international debt defaults quickly lead to severe strains on domestic commercial banks. In this context, monetary and central bank policy become especially important. And in such circumstances references are often made to the central bank lender of last resort function.

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Paper provided by Federal Reserve Bank of Richmond in its series Working Paper with number 84-03.

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Date of creation: 1984
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Handle: RePEc:fip:fedrwp:84-03

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Related research
Keywords: Lenders of last resort ; Money supply;

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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. McKinnon, Ronald I, 1982. "Currency Substitution and Instability in the World Dollar Standard," American Economic Review, American Economic Association, vol. 72(3), pages 320-33, June. [Downloadable!] (restricted)
  2. David Laidler, 1981. "Adam Smith as a Monetary Economist," Canadian Journal of Economics, Canadian Economics Association, vol. 14(2), pages 185-200, May. [Downloadable!] (restricted)
  3. repec:fip:fedreq:y:1975:i:jan:p:2-9:n:v.61no.1 is not listed on IDEAS
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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. Fernando Ossa, 2003. "Los Bancos Centrales como Prestamistas de Última Instancia," Cuadernos de Economía (Latin American Journal of Economics), Instituto de Economía. Pontificia Universidad Católica de Chile., vol. 40(120), pages 323-335. [Downloadable!]
  2. Antoine Martin, 2008. "Reconciling Bagehot with the Fed's response to September 11," Staff Reports 217, Federal Reserve Bank of New York. [Downloadable!]
  3. 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)
  4. 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:
  5. Marvin Goodfriend & Jeffrey M. Lacker, 1999. "Limited commitment and central bank lending," Economic Quarterly, Federal Reserve Bank of Richmond, issue Fall, pages 1-27. [Downloadable!]
    Other versions:
  6. Antoine Martin, 2002. "Reconciling Bagehot with the Fed's response to Sept. 11," Research Working Paper RWP 02-10, Federal Reserve Bank of Kansas City. [Downloadable!]
  7. E Philip Davis, 2008. "Liquidity, Financial Crises and the Lender of Last Resort – How Much of a Departure is the Sub-prime Crisis?," RBA Annual Conference Volume, in: Paul Bloxham & Christopher Kent (ed.), Lessons from the Financial Turmoil of 2007 and 2008 Reserve Bank of Australia. [Downloadable!]
  8. Le Maux Laurent, 2004. "L'émergence d'une banque supérieure sous le régime de la liberté bancaire," Recherches économiques de Louvain, De Boeck Université, vol. 70(2), pages 193-221. [Downloadable!]
  9. Gerald P. O'Driscoll, Jr., 1984. "Safety-net mechanisms: the case of international lending," Working Papers 84-04, Federal Reserve Bank of Dallas. [Downloadable!]
  10. repec:fip:fedreq:y:1988:i:may:p:3-22:n:v.74no.3 is not listed on IDEAS
  11. Walker F. Todd, 1993. "FDICIA's emergency liquidity provisions," Economic Review, Federal Reserve Bank of Cleveland, issue Q III, pages 16-23. [Downloadable!]
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This page was last updated on 2009-11-20.

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