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"Enemy of None but a Common Friend of All"? An International Perspective on the Lender-of-Last-Resort Function

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  • Giannini, C.

Abstract

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.

Suggested Citation

  • Giannini, C., 1998. ""Enemy of None but a Common Friend of All"? An International Perspective on the Lender-of-Last-Resort Function," Papers 341, Banca Italia - Servizio di Studi.
  • Handle: RePEc:fth:banita:341
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    References listed on IDEAS

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    Citations

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    Cited by:

    1. Mario Sarcinelli, 2004. "The new financial architecture: from substantive to procedural rules," BNL Quarterly Review, Banca Nazionale del Lavoro, vol. 57(231), pages 337-363.
    2. Mario Sarcinelli, 2004. "The new financial architecture: from substantive to procedural rules," Banca Nazionale del Lavoro Quarterly Review, Banca Nazionale del Lavoro, vol. 57(231), pages 337-363.
    3. D. Croff, 1999. "Global supervision, financial stability and risk control: a banker’s view," BNL Quarterly Review, Banca Nazionale del Lavoro, vol. 52(209), pages 127-147.
    4. D. Croff, 1999. "Global supervision, financial stability and risk control: a banker’s view," Banca Nazionale del Lavoro Quarterly Review, Banca Nazionale del Lavoro, vol. 52(209), pages 127-147.
    5. Michel Aglietta, 2000. "The International Monetary Fund and the International Financial Architecture," Working Papers 2000-08, CEPII research center.
    6. Giorgio Di Giorgio & Carmine Di Noia & Laura Piatti, 2000. "Financial Market Regulation: The Case of Italy and a Proposal for the Euro Area," Center for Financial Institutions Working Papers 00-24, Wharton School Center for Financial Institutions, University of Pennsylvania.

    More about this item

    Keywords

    CREDIT ; INTERNATIONAL LOANS ; FINANCIAL MARKET ; INTERNATIONAL ECONOMY;

    JEL classification:

    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems
    • F35 - International Economics - - International Finance - - - Foreign Aid

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