On the Need for an International Lender of Last Resort
Author
Abstract
Suggested Citation
Note: DOI: 10.1257/jep.13.4.85
Download full text from publisher
References listed on IDEAS
- William Haraf, 1988. "Restructuring Banking & Financial Services in America," Books, American Enterprise Institute, number 917739, September.
- Bengt Holmstrom & Jean Tirole, 1998.
"Private and Public Supply of Liquidity,"
Journal of Political Economy, University of Chicago Press, vol. 106(1), pages 1-40, February.
- Holmstrom, B & Tirole, J, 1996. "Private and Public Supply of Liquidity," Working papers 96-21, Massachusetts Institute of Technology (MIT), Department of Economics.
- Bengt Holmstrom & Jean Tirole, 1996. "Private and Public Supply of Liquidity," NBER Working Papers 5817, National Bureau of Economic Research, Inc.
- Thomas M. Humphrey & Robert E. Keleher, 1984. "The lender of last resort : a historical perspective," Working Paper 84-03, Federal Reserve Bank of Richmond.
- Emil-Maria Claassen, 1985. "The lender-of-last-resort function in the context of national and international financial crises," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 121(2), pages 217-237, June.
- Charles A. E. Goodhart, 1995. "The Central Bank and the Financial System," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262071673, February.
- Robert A. Mundell, 1983. "International Monetary Options," Cato Journal, Cato Journal, Cato Institute, vol. 3(1), pages 189-210, Spring.
- Thomas H. Humphrey & Robert E. Keleher, 1984. "The Lender of Last Resort; A Historical Perspective," Cato Journal, Cato Journal, Cato Institute, vol. 4(1), pages 275-321, Spring/Su.
- Charles A. E. Goodhart & Haizhou Huang, 1999.
"A model of the lender of last resort,"
Proceedings, Federal Reserve Bank of San Francisco.
- Haizhou Huang & Charles Goodhart, 1999. "A Model of the Lender of Last Resort," FMG Discussion Papers dp313, Financial Markets Group.
- Hirsch, Fred, 1977. "The Bagehot Problem," The Manchester School of Economic & Social Studies, University of Manchester, vol. 45(3), pages 241-257, September.
- Guillermo A. Calvo, 1998.
"Varieties of Capital-Market Crises,"
International Economic Association Series, in: Guillermo Calvo & Mervyn King (ed.), The Debt Burden and its Consequences for Monetary Policy, chapter 7, pages 181-207,
Palgrave Macmillan.
- Guillermo A. Calvo, 1995. "Varieties of Capital-Market Crises," Research Department Publications 4008, Inter-American Development Bank, Research Department.
- Calvo, Guillermo A., 2010. "Varieties of Capital-Market Crises," IDB Publications (Working Papers) 6292, Inter-American Development Bank.
- Mishkin, Frederic S., 1999.
"Lessons from the Asian crisis,"
Journal of International Money and Finance, Elsevier, vol. 18(4), pages 709-723, August.
- Frederic S. Mishkin, 2000. "Lessons from the Asian Crisis," NBER Working Papers 7102, National Bureau of Economic Research, Inc.
- C. A. E. Goodhart, 1995. "The Central Bank and the Financial System," Palgrave Macmillan Books, Palgrave Macmillan, number 978-0-230-37915-2, Januario-.
- Guillermo A. Calvo, 1995.
"Varieties of Capital-Market Crises,"
Research Department Publications
4008, Inter-American Development Bank, Research Department.
- Guillermo A. Calvo, 1995. "Varieties of Capital-Market Crises," IDB Publications (Working Papers) 5721, Inter-American Development Bank.
- Goodhart, Charles & Schoenmaker, Dirk, 1995. "Should the Functions of Monetary Policy and Banking Supervision Be Separated?," Oxford Economic Papers, Oxford University Press, vol. 47(4), pages 539-560, October.
- Peter Hakim, 1986. "Washington," Challenge, Taylor & Francis Journals, vol. 29(4), pages 55-59, September.
- Curzio Giannini, 1998. ""Enemy of None but a Common Friend of All"? An International Perspective on the Lender-of-Last-Resort Function," Temi di discussione (Economic working papers) 341, Bank of Italy, Economic Research and International Relations Area.
- Thomas M. Humphrey, 1975. "The classical concept of the lender of last resort," Economic Review, Federal Reserve Bank of Richmond, vol. 61(Jan), pages 2-9.
- Forrest Capie, 1998. "Can there be an International Lender‐of‐Last‐Resort?," International Finance, Wiley Blackwell, vol. 1(2), pages 311-325, December.
- Freixas, Xavier, 1999. "Optimal Bail-Out, Conditionality and Creative Ambiguity," CEPR Discussion Papers 2238, C.E.P.R. Discussion Papers.
- Capie, Forrest, 1998. "Can There Be an International Lender-of-Last Resort?," International Finance, Wiley Blackwell, vol. 1(2), pages 311-325, December.
- Marvin Goodfriend & Jeffrey M. Lacker, 1999. "Limited commitment and central bank lending," Economic Quarterly, Federal Reserve Bank of Richmond, issue Fall, pages 1-27.
- Marvin Goodfriend & Jeffrey M. Lacker, 1999. "Limited commitment and central bank lending," Working Paper 99-02, Federal Reserve Bank of Richmond.
- Xavier Freixas, 1999. "Optimal bail out policy, conditionality and constructive ambiguity," Economics Working Papers 400, Department of Economics and Business, Universitat Pompeu Fabra. Full references (including those not matched with items on IDEAS)
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- J. Kornai & E. Maskin & G. Roland., 2004.
"Understanding the Soft Budget Constraint,"
VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 12.
- J. Kornai & E. Maskin & G. Roland., 2004. "Understanding the Soft Budget Constraint," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 11.
- János Kornai & Eric Maskin & Gérard Roland, 2003. "Understanding the Soft Budget Constraint," Journal of Economic Literature, American Economic Association, vol. 41(4), pages 1095-1136, December.
- Janos Kornai & Eric Maskin & Gerard Roland, 2002. "Understanding the Soft Budget Constraint," Economics Working Papers 0019, Institute for Advanced Study, School of Social Science.
- Mark A. Carlson & Burcu Duygan-Bump & William R. Nelson, 2015.
"Why Do We Need Both Liquidity Regulations and a Lender of Last Resort? A Perspective from Federal Reserve Lending during the 2007-09 U.S. Financial Crisis,"
Finance and Economics Discussion Series
2015-11, Board of Governors of the Federal Reserve System (U.S.).
- Mark Carlson & Burcu Duygan-Bump & William Nelson, 2015. "Why do we need both liquidity regulations and a lender of last resort? A perspective from Federal Reserve lending during the 2007-09 US financial crisis," BIS Working Papers 493, Bank for International Settlements.
- Kornai, János & Maskin, Eric & Roland, Gérard, 2004.
"A puha költségvetési korlát - II [The soft budget constraint II],"
Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(9), pages 777-809.
- Kornai, János & Maskin, Eric & Roland, Gérard, 2004. "A puha költségvetési korlát I [The soft budget constraint I]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(7), pages 608-624.
- Goodhart, Charles A.E. & Huang, Haizhou, 2005. "The lender of last resort," Journal of Banking & Finance, Elsevier, vol. 29(5), pages 1059-1082, May.
- Kornai, János & Maskin, Eric & Roland, Gérard, 2022. "A puha költségvetési korlát - II [The soft budget constraint II]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(1), pages 94-132.
- Ulrich Erlenmaier & Hans Gersbach, 2001. "The Funds Concentration Effect and Discriminatory Bailout," CESifo Working Paper Series 591, CESifo.
- Jean-Charles Rochet & Xavier Vives, 2004.
"Coordination Failures and the Lender of Last Resort: Was Bagehot Right After All?,"
Journal of the European Economic Association, MIT Press, vol. 2(6), pages 1116-1147, December.
- Rochet, Jean-Charles & Vives, Xavier, 2002. "Coordination Failures and the Lender of Last Resort: Was Bagehot Right After All?," CEPR Discussion Papers 3233, C.E.P.R. Discussion Papers.
- Rochet, Jean-Charles & Vives, Xavier, 2002. "Coordination failures and the lender of last resort: was Bagehot right after all?," LSE Research Online Documents on Economics 24928, London School of Economics and Political Science, LSE Library.
- Jean-Charles Rochet & Xavier Vives, 2002. "Coordination Failures and the Lender of Last Resort: Was Bagehot Right After All?," FMG Discussion Papers dp408, Financial Markets Group.
- Rochet, Jean-Charles & Vives, Xavier, 2002. "Coordination failures and the lender of last resort: Was Bagehot right after all?," HWWA Discussion Papers 184, Hamburg Institute of International Economics (HWWA).
- Rochet, Jean-Charles & Vives, Xavier, 2002. "Coordination Failures and the Lender of Last Resort: Was Bagehot Right After All?," Discussion Paper Series 26264, Hamburg Institute of International Economics.
- 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.
- 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;Western Finance Association, vol. 18(1), pages 63-84, October.
- 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., vol. 40(120), pages 323-335.
- Nijskens, Rob, 2014. "A sheep in wolf’s clothing: Can a central bank appear tougher than it is?," Journal of Banking & Finance, Elsevier, vol. 48(C), pages 94-103.
- Olivier Jeanne & Charles Wyplosz, 2003.
"The International Lender of Last Resort. How Large Is Large Enough?,"
NBER Chapters, in: Managing Currency Crises in Emerging Markets, pages 89-124,
National Bureau of Economic Research, Inc.
- 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.
- Jeanne, Olivier & Wyplosz, Charles, 2001. "The International Lender of Last Resort: How Large is Large Enough?," CEPR Discussion Papers 2842, C.E.P.R. Discussion Papers.
- Mr. Olivier D Jeanne, 2001. "The International Lender of Last Resort: How Large is Large Enought?," IMF Working Papers 2001/076, International Monetary Fund.
- Cordella, Tito & Yeyati, Eduardo Levy, 2003.
"Bank bailouts: moral hazard vs. value effect,"
Journal of Financial Intermediation, Elsevier, vol. 12(4), pages 300-330, October.
- Mr. Tito Cordella & Mr. Eduardo Levy Yeyati, 1999. "Bank Bailouts: Moral Hazard vs. Value Effect," IMF Working Papers 1999/106, International Monetary Fund.
- Bastidon, Cécile & Gilles, Philippe & Huchet, Nicolas, 2008.
"The international lender of last resort and selective bail-out,"
Emerging Markets Review, Elsevier, vol. 9(2), pages 144-152, June.
- Cécile Bastidon & Philippe Gilles & Nicolas Huchet, 2008. "The international lender of last resort and selective bail-out," Post-Print hal-01298849, HAL.
- Rob Nijskens & Sylvester Eijffinger, 2011.
"The Lender of Last Resort: Liquidity Provision versus the Possibility of Bailout,"
Chapters, in: Sylvester Eijffinger & Donato Masciandaro (ed.), Handbook of Central Banking, Financial Regulation and Supervision, chapter 4,
Edward Elgar Publishing.
- Eijffinger, S.C.W. & Nijskens, R.G.M., 2010. "The Lender of Last Resort : Liquidity Provision Versus the Possibility of Bail-out," Discussion Paper 2010-20, Tilburg University, Center for Economic Research.
- Eijffinger, S.C.W. & Nijskens, R.G.M., 2010. "The Lender of Last Resort : Liquidity Provision Versus the Possibility of Bail-out," Other publications TiSEM 069f8d8f-814a-4659-a7d9-b, Tilburg University, School of Economics and Management.
- Eijffinger, Sylvester C W & Nijskens, Rob, 2010. "The lender of last resort: liquidity provision versus the possibility of bail-out," CEPR Discussion Papers 7674, C.E.P.R. Discussion Papers.
- Nijskens, R.G.M. & Eijffinger, S.C.W., 2010. "The Lender of Last Resort : Liquidity Provision Versus the Possibility of Bail-out," Other publications TiSEM fcb333f5-bd51-4fa2-b500-f, Tilburg University, School of Economics and Management.
- Repullo, Rafael, 2000.
"Who Should Act as Lender of Last Resort? An Incomplete Contracts Model,"
Journal of Money, Credit and Banking, Blackwell Publishing, vol. 32(3), pages 580-605, August.
- Rafael Repullo, 2000. "Who should act as lender of last resort? an incomplete contracts model," Proceedings, Federal Reserve Bank of Cleveland, pages 580-610.
- Repullo, R., 1999. "Who Should Act as Lender of Last Resort? An Incomplete Contracts Model," Papers 9913, Centro de Estudios Monetarios Y Financieros-.
- Rafael Repullo, 1999. "Who Should Act as a Lender of Last Resort? An Incomplete Contracts Model," Working Papers wp1999_9913, CEMFI.
- Antoine Martin, 2009.
"Reconciling Bagehot and the Fed's Response to September 11,"
Journal of Money, Credit and Banking, Blackwell Publishing, vol. 41(2‐3), pages 397-415, March.
- Antoine Martin, 2009. "Reconciling Bagehot and the Fed's Response to September 11," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 41(2-3), pages 397-415, March.
- Jean-Marc Figuet, 2000. "Le prêteur en dernier ressort international," Revue d'Économie Financière, Programme National Persée, vol. 56(1), pages 57-75.
- Haizhou Huang & Chenggang Xu, 1999.
"Financial Institutions, Financial Contagion, and Financial Crises,"
CID Working Papers
21, Center for International Development at Harvard University.
- Haizhou Huang, 2000. "Financial Institutions, Financial Contagion, and Financial Crises," Econometric Society World Congress 2000 Contributed Papers 1595, Econometric Society.
- Huang, H. & Xu, C., 2000. "Financial Institutions, Financial Contagion, and Financial Crises," Papers 21, Chicago - Graduate School of Business.
- Haizhou Huang & Chenggang Xu, 2000. "Financial Institutions, Financial Contagion, and Financial Crises," William Davidson Institute Working Papers Series 316, William Davidson Institute at the University of Michigan.
- Guillaume Rocheteau & Randall Wright & Cathy Zhang, 2018.
"Corporate Finance and Monetary Policy,"
American Economic Review, American Economic Association, vol. 108(4-5), pages 1147-1186, April.
- Randall Wright & Cathy Zhang & Guillaume Rocheteau, 2016. "Corporate Finance and Monetary Policy," 2016 Meeting Papers 97, Society for Economic Dynamics.
- Fabio Castiglionesi & Wolf Wagner, 2012. "Turning Bagehot on His Head: Lending at Penalty Rates When Banks Can Become Insolvent," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 44(1), pages 201-219, February.
More about this item
JEL classification:
- F34 - International Economics - - International Finance - - - International Lending and Debt Problems
- O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
- F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:aea:jecper:v:13:y:1999:i:4:p:85-104. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: . General contact details of provider: https://edirc.repec.org/data/aeaaaea.html .
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Michael P. Albert (email available below). General contact details of provider: https://edirc.repec.org/data/aeaaaea.html .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.