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Myths About the Lender of Last Resort

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Author Info
Charles Goodhart ()
Abstract

There are few issues so subject to myth, sometimes unhelpful myths that tend to obscure rather than to illuminate real issues, as is the subject of whether a Central Bank, (or an International Financial Institution (IFI) such as the international Monetary Fund (IMF))), should act as a Lender of Last Resort (LOLR).

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Paper provided by Financial Markets Group in its series FMG Special Papers with number sp120.

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Date of creation: Dec 1999
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Handle: RePEc:fmg:fmgsps:sp120

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  1. Falko Fecht & Marcel Tyrell, 2004. "Optimal Lender of Last Resort Policy in Different Financial Systems," Finance 0406009, EconWPA. [Downloadable!]
    Other versions:
  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. Michel Aglietta, 2000. "The International Monetary Fund and the International Financial Architecture," Working Papers 2000-08, CEPII research center. [Downloadable!]
  4. 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!]
  5. George Kaufman, 2000. "Comment on Benston and Wood," Journal of Financial Services Research, Springer, vol. 18(2), pages 235-239, December. [Downloadable!] (restricted)
  6. Rafael Repullo, 2005. "Liquidity, Risk-Taking, And The Lender Of Last Resort," Working Papers wp2005_0504, CEMFI. [Downloadable!]
    Other versions:
  7. Giorgio Di Giorgio & Carmine Di Noia & Laura Piatti, 2000. "Financial Market Regulation: The Case of Italy and a Proposal for the Euro Area," Center for Financial Institutions Working Papers 00-24, Wharton School Center for Financial Institutions, University of Pennsylvania. [Downloadable!]
  8. Michele Fratianni, 2008. "Financial Crises, Safety Nets, and Regulation," Working Papers 2008-08, Indiana University, Kelley School of Business, Department of Business Economics and Public Policy. [Downloadable!]
    Other versions:
  9. Mark M. Spiegel, 2001. "Solvency runs, sunspot runs, and international bailouts," Working Papers in Applied Economic Theory 2001-05, Federal Reserve Bank of San Francisco. [Downloadable!]
    Other versions:
  10. Giorgio Di Giorgio & Carmine Di Noia, 2001. "Financial Regulation and Supervision in the Euro Area: A Four-Peak Proposal," Center for Financial Institutions Working Papers 01-02, Wharton School Center for Financial Institutions, University of Pennsylvania. [Downloadable!]
  11. Ake Lonnberg & Peter Stella, 2008. "Issues in Central Bank Finance and Independence," IMF Working Papers 08/37, International Monetary Fund. [Downloadable!]
  12. Michael D. Bordo & Anna J. Schwartz, 2002. "Charles Goodhart's Contributions to the History of Monetary Institutions," NBER Working Papers 8717, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  13. 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. [Downloadable!] (restricted)
  14. Peter Stella & Åke Lonnberg, 2008. "Issues in central bank finance and independence," Working Paper 2008-13, Federal Reserve Bank of Atlanta. [Downloadable!]
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