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A Simple Model of An International Lender of Last Resort

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  • Haizhou Huang
  • C. A. E. Goodhart

Abstract

This paper develops a simple model of an international lender of last resort (ILOLR). The world economy consists of many open economies, each with a banking system and a central bank operating under a pegged exchange rate regime. The fragility of the banking system and the limited ability of a domestic central bank to provide international liquidity together can cause currency and banking crises. An international interbank market can help an economy with the needed international liquidity, but with potential costs of international financial contagion. An ILOLR can play a useful role in providing international liquidity and reducing international contagion.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 00/75.

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Length: 13
Date of creation: 01 Apr 2000
Date of revision:
Handle: RePEc:imf:imfwpa:00/75

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Related research

Keywords: Banking systems; Economic models; interbank market; banking; banking crisis; contagion; financial contagion; currency crisis; banking system; bank run; bank runs; financial crisis; demand deposit; currency crises; international financial contagion; banking crises; financial crises; balance of payment crisis; bank crises; liquidity crisis; deposit insurance; bank failure; asian financial crisis; asian crisis; foreign exchange; domestic liquidity; bank failures; bank of england;

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