"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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Year of publication:	1998
Authors:	Giannini, C.
Institutions:	Banca d'Italia
Subject:	CREDIT \| INTERNATIONAL LOANS \| FINANCIAL MARKET \| INTERNATIONAL ECONOMY

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Series:	Banca Italia - Servizio di Studi.
Type of publication:	Book / Working Paper
Notes:	70 pages
Classification:	F34 - International Lending and Debt Problems ; F35 - Foreign Aid
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005671396