Fernández-Arias, Eduardo; Levy-Yeyati, Eduardo - In: International Finance 15 (2012) 1, pp. 37-68
From an emerging markets perspective, the global safety net remains full of holes despite recent stitches during the crisis. This paper proposes an effective and workable international lender-of-last-resort (ILLR) for systemic liquidity crises based on (i) an automatic trigger to access the...