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The international lender of last resort and selective bail-out

Author

Listed:
  • Cécile Bastidon

    (LEAD - Laboratoire d'Économie Appliquée au Développement - UTLN - Université de Toulon)

  • Philippe Gilles

    (np - AREVA NP - AREVA NP - Centre Technique (FRANCE))

  • Nicolas Huchet

    (LEAD - Laboratoire d'Économie Appliquée au Développement - UTLN - Université de Toulon)

Abstract

In the event of a third generation crisis, international lending of last resort should be used if and only if the international lender of last resort (ILOLR) is informed on the subject of domestic financial and banking markets. Therefore, it will act at a macroeconomic level, as an usual ILOLR, but also at a microeconomic level, since there will be selective lending to commercial banks. There are two conditions of optimality of this intervention: first, the country should be eligible; and secondly, only solvent banks should be bailed out.
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • Cécile Bastidon & Philippe Gilles & Nicolas Huchet, 2008. "The international lender of last resort and selective bail-out," Post-Print hal-01298849, HAL.
    • Handle: RePEc:hal:journl:hal-01298849
    as

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    Cited by:

    1. Pierluigi Morelli & Giovanni Pittaluga & Elena Seghezza, 2015. "The role of the Federal Reserve as an international lender of last resort during the 2007–2008 financial crisis," International Economics and Economic Policy, Springer, vol. 12(1), pages 93-106, March.
    2. Cécile Bastidon & Philippe Gilles & Nicolas Huchet, 2016. "The ECB, Between Conservatism and Pragmatism," Journal of Central Banking Theory and Practice, Central bank of Montenegro, vol. 5(1), pages 25-52.

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