"Enemy of None but a Common Friend of All"? An International Perspective on the Lender-of-Last-Resort Function
AbstractThe paper explores whether and how current lending-of-last-resort can be extended beyond national borders. It argues that what makes lending of last resort effective at the national level is a blend of resource availability, technical discretion, ex-ante supervision, and powers of enforcement. Accordingly, the importance of the distinction between illiquidity and insolvency and of penalty-rate financing is downplayed.
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Bibliographic InfoPaper provided by Banca Italia - Servizio di Studi in its series Papers with number 341.
Length: 70 pages
Date of creation: 1998
Date of revision:
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Postal: Banca d'Italia-Servizio Studi-Divisione Biblioteca e Pubblicazioni - Via N azionale, 91 -00184 Rome, Italy.
Web page: http://www.bancaditalia.it/
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CREDIT ; INTERNATIONAL LOANS ; FINANCIAL MARKET ; INTERNATIONAL ECONOMY;
Find related papers by JEL classification:
- F34 - International Economics - - International Finance - - - International Lending and Debt Problems
- F35 - International Economics - - International Finance - - - Foreign Aid
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