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The Lender of Last Resort in the European Single Financial Market

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  • Pedro Gustavo Teixeira
  • Garry J. Schinasi

Abstract

This paper examines challenges in effectively implementing the lender-of-last-resort function in the EU single financial market. Briefly highlighted are features of the EU financial landscape that could increase EU systemic financial risk. Briefly described are the complexities of the EU''s financialstability architecture for preventing and resolving financial problems, including lender-of-last-resort operations. The paper examines how the lender-of-last-resort function might materialize during a systemic financial disturbance affecting more than one EU member state. The paper identifies challenges and possible ways of enhancing the effectiveness of the existing architecture.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 06/127.

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Length: 23
Date of creation: 01 May 2006
Date of revision:
Handle: RePEc:imf:imfwpa:06/127

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Keywords: European Monetary System; European Union; Financial systems; International monetary system; banking; financial stability; financial market; financial markets; financial services; banking supervisors; financial institutions; financial conglomerates; financial system; banking supervision; central banking; money markets; deposit insurance; decentralization; bank of england; banking structures; financial assets; consolidated supervision; international finance; banking systems; segmentation; banking services; investment banking; financial intermediation; banking sector; international capital; banking activities; banking crises; international financial markets; government bond; derivatives trading; banking supervisor; corporate bonds; systemic banking crises; banking concentration; financial regulation; deposit guarantee; financial risk; international capital markets; bonds; bond; money market instruments; bond markets; bank takes; money market; government bond markets; banks ? assets; clearing house; holding company;

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References

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  1. Dirk Schoenmaker & Sander Oosterloo, 2005. "Financial Supervision in an Integrating Europe: Measuring Cross-Border Externalities," International Finance, Wiley Blackwell, vol. 8(1), pages 1-27, 07.
  2. Garry J. Schinasi, 2003. "Responsibility of Central Banks for Stability in Financial Markets," IMF Working Papers 03/121, International Monetary Fund.
  3. Rochet, Jean-Charles & Vives, Xavier, 2004. "Coordination Failures and the Lender of Last Resort : Was Bagehot Right After All?," IDEI Working Papers 294, Institut d'Économie Industrielle (IDEI), Toulouse.
  4. Michel Aglietta, 1999. "A Lender of Last Resort for Europe," Working Papers 1999-12, CEPII research center.
  5. Rosa M. Lastra & Dr Rosa Lastra, 2003. "The Governance Structure for Financial Regulation and Supervision in Europe," FMG Special Papers sp149, Financial Markets Group.
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Citations

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Cited by:
  1. Kenneth Sullivan, 2008. "Presentación proactiva del desempeño," Boletín, Centro de Estudios Monetarios Latinoamericanos, vol. 0(3), pages 130-135, Julio-sep.
  2. Stijn Claessens & Luc Laeven & Deniz Igan & Giovanni Dell'Ariccia, 2010. "Lessons and Policy Implications From the Global Financial Crisis," IMF Working Papers 10/44, International Monetary Fund.
  3. Vítor Gaspar & Garry Schinasi, 2010. "Financial Stability and Policy Cooperation," Working Papers o201001, Banco de Portugal, Economics and Research Department.
  4. Eichengreen, Barry, 2008. "Sui Generis EMU," CEPR Discussion Papers 6642, C.E.P.R. Discussion Papers.
  5. Banco Central Europeo, 2008. "La titulización en la zona del euro," Boletín, Centro de Estudios Monetarios Latinoamericanos, vol. 0(3), pages 136-149, Julio-sep.
  6. Friederike Niepmann & Tim Schmidt-Eisenlohr, 2010. "Bank Bailouts, International Linkages and Cooperation," CEP Discussion Papers dp1023, Centre for Economic Performance, LSE.
  7. Martin Cihák & Jörg Decressin, 2007. "The Case for a European Banking Charter," IMF Working Papers 07/173, International Monetary Fund.
  8. Maria J. Nieto & Garry J. Schinasi, 2008. "Towards an EU Framework for Safeguarding Financial Stability," CESifo DICE Report, Ifo Institute for Economic Research at the University of Munich, vol. 6(3), pages 27-36, October.
  9. Helge Berger & Carsten Hefeker, 2008. "Does financial integration make banks more vulnerable? Regulation, foreign owned banks, and the lender-of-last resort," International Economics and Economic Policy, Springer, vol. 4(4), pages 371-393, February.

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