"Enemy of None but a Common Friend of All"? An International Perspective on the Lender-of-Last-Resort Function
AbstractThis 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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Bibliographic InfoPaper 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:
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
Web page: http://www.econ.princeton.edu/
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FINANCIAL MARKET ; INTERNATIONAL COOPERATION ; FINANCIAL AID;
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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- Thomas D. Willett, 2001. "Restructuring IMF Facilities to Separate Lender of Last Resort and Conditionality Programs: The Meltzer Commission Recommendations as Complements rather than Substitutes," Claremont Colleges Working Papers 2001-28, Claremont Colleges.
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