This essay takes a fresh look at the lender-of-last-resort issue and asks whether, how, and to what extent national practices should be adapted to the international environment. It begins by reviewing national practices. Then it analyzes, through both theory and evidence, the features that make the international environment "special". It also asks how the lender-of-last-resort function can be reshaped at the international level on the basis of the earlier considerations and recent trends in the activities and practices of the IMF.
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Paper provided by International Economics Section, Departement of Economics Princeton University, in its series Princeton Essays in International Economics with number
214.
Length: 70 pages Date of creation: 1999 Date of revision: Handle: RePEc:fth:priifi:214
Contact details of provider: Postal: International Finance Section, Department of Economics Princeton University, Princeton, New Jersey, U.S.A Phone: (609) 258-4000 Fax: (609) 258-6419 Email: Web page: http://www.econ.princeton.edu/ More information through EDIRC
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Find related papers by JEL classification: F34 - International Economics - - International Finance - - - International Lending and Debt Problems F40 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - General
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