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Enemy of None But a Common Friend of All? An International Perspectiveon the Lender-Of-Last-Resort Function

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  • Curzio Giannini
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    Abstract

    The paper explores whether and how national lender-of-last-resort practices can be adapted internationally. Nationally, the effectiveness of such practices is based on a blend of resource availability, technical discretion as to the conditions attached, ex ante supervision, and powers of enforcement. Some features of the international environment, however, make it difficult to replicate this structure, which may explain why recent large-scale rescue packages have worked less than satisfactorily. Private contingent credit facilities and IMF lending into arrears in the context of internationally approved, temporary moratoria on foreign debt may nonetheless offer some scope for effective, although limited in aims and resources, international liquidity support, but this would require amending the IMF’s Articles of Agreement.

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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 99/10.

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    Length: 58
    Date of creation: 01 Jan 1999
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    Handle: RePEc:imf:imfwpa:99/10

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    Cited by:
    1. Michael Bordo, 2000. "Sound Money and Sound Financial Policy," Journal of Financial Services Research, Springer, Springer, vol. 18(2), pages 129-155, December.
    2. Xavier Freixas & Curzio Giannini & Glenn Hoggarth & Farouk Soussa, 2000. "Lender of Last Resort: What Have We Learned Since Bagehot?," Journal of Financial Services Research, Springer, Springer, vol. 18(1), pages 63-84, October.
    3. Fabrizio Saccomanni, 2000. "Introduction: A New Architecture or New System? A Survey of International Monetary Reform in the 1990s," Open Economies Review, Springer, Springer, vol. 11(1), pages 15-41, August.
    4. Jari John & Tobias Knedlik, 2011. "New IMF Lending Facilities and Financial Stability in Emerging Markets," Economic Analysis and Policy (EAP), Queensland University of Technology (QUT), School of Economics and Finance, Queensland University of Technology (QUT), School of Economics and Finance, vol. 41(2), pages 225-238, September.
    5. Thierry Sessin & Laurence Scialom & Michel Aglietta, 2000. "The Development of a European Prudential System," Revue d'Économie Financière, Programme National Persée, Programme National Persée, vol. 60(5), pages 59-83.
    6. Yorulmazer, Tanju, 2003. "Herd Behavior, Bank Runs and Information Disclosure," MPRA Paper 9513, University Library of Munich, Germany.
    7. 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, Claremont Colleges 2001-28, Claremont Colleges.
    8. Olivier Jeanne & Charles Wyplosz, 2001. "The International Lender of Last Resort: How Large is Large Enough?," NBER Working Papers 8381, National Bureau of Economic Research, Inc.
    9. Fernando Ossa, 2003. "Los Bancos Centrales como Prestamistas de Última Instancia," Latin American Journal of Economics-formerly Cuadernos de Economía, Instituto de Economía. Pontificia Universidad Católica de Chile., Instituto de Economía. Pontificia Universidad Católica de Chile., vol. 40(120), pages 323-335.
    10. Michael D. Bordo & Anna J. Schwartz, 2002. "Charles Goodhart's Contributions to the History of Monetary Institutions," NBER Working Papers 8717, National Bureau of Economic Research, Inc.
    11. Goodhart, Charles A.E. & Huang, Haizhou, 2005. "The lender of last resort," Journal of Banking & Finance, Elsevier, Elsevier, vol. 29(5), pages 1059-1082, May.
    12. Thierry Sessin & Laurence Scialom & Michel Aglietta, 2000. "Pour une politique prudentielle européenne," Revue d'Économie Financière, Programme National Persée, Programme National Persée, vol. 60(5), pages 59-84.
    13. Michael D. Bordo & Anna J. Schwartz, 2000. "Measuring Real Economic Effects of Bailouts: Historical Perspectives on How Countries in Financial Distress Have Fared With and Without Bailouts," NBER Working Papers 7701, National Bureau of Economic Research, Inc.

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