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Implementing an International Lender of Last Resort

Listed author(s):
  • Tobias Knedlik

Current research discusses various general frameworks for installing an international lender of last resort (ILOLR). However, it remains unclear how the ILOLR should actually operate. This paper discusses six different options of construction of an ILOLR who supports central banks in the case of currency crises. The paper concludes that the cost efficient version of the ILOLR would be direct interventions by the IMF by the use of IMF resources and the right to dispose additional reserves from central banks. The paper considers measures of cost efficiency, such as cost of borrowing, intervention, and sterilization and moral hazard problems.

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File URL: http://www.iwh-halle.de/d/publik/disc/20-06.pdf
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Paper provided by Halle Institute for Economic Research in its series IWH Discussion Papers with number 20.

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Date of creation: Nov 2006
Handle: RePEc:iwh:dispap:20-06
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