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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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Author Info
Giannini, C.
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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Publisher 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;

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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This page was last updated on 2009-10-24.

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