"Enemy of None but a Common Friend of All"? An International Perspective on the Lender-of-Last-Resort Function
The paper explores whether and how current lending-of-last-resort can be extended beyond national borders. It argues that what makes lending of last resort effective at the national level is a blend of resource availability, technical discretion, ex-ante supervision, and powers of enforcement. Accordingly, the importance of the distinction between illiquidity and insolvency and of penalty-rate financing is downplayed.
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|Date of creation:||1998|
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