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"Enemy of None but a Common Friend of All"? An International Perspective on the Lender-of-Last-Resort Function

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  • Giannini, C.
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    Abstract

    The 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 Info

    Paper provided by Banca Italia - Servizio di Studi in its series Papers with number 341.

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    Length: 70 pages
    Date of creation: 1998
    Date of revision:
    Handle: RePEc:fth:banita:341

    Contact details of provider:
    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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    Related research

    Keywords: CREDIT ; INTERNATIONAL LOANS ; FINANCIAL MARKET ; INTERNATIONAL ECONOMY;

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    Cited by:
    1. Michel Aglietta, 2000. "The International Monetary Fund and the International Financial Architecture," Working Papers 2000-08, CEPII research center.
    2. D. Croff, 1999. "Global supervision, financial stability and risk control: a banker’s view," Banca Nazionale del Lavoro Quarterly Review, Banca Nazionale del Lavoro, vol. 52(209), pages 127-147.
    3. Mario Sarcinelli, 2004. "The new financial architecture: from substantive to procedural rules," BNL Quarterly Review, Banca Nazionale del Lavoro, vol. 57(231), pages 337-363.
    4. D. Croff, 1999. "Global supervision, financial stability and risk control: a banker’s view," BNL Quarterly Review, Banca Nazionale del Lavoro, vol. 52(209), pages 127-147.
    5. 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.
    6. Mario Sarcinelli, 2004. "The new financial architecture: from substantive to procedural rules," Banca Nazionale del Lavoro Quarterly Review, Banca Nazionale del Lavoro, vol. 57(231), pages 337-363.

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