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

This essay takes a fresh look at the lender-of-last-resort issue and asks whether, how, and to what extent national practices should be adapted to the international environment. It begins by reviewing national practices. Then it analyzes, through both theory and evidence, the features that make the international environment "special". It also asks how the lender-of-last-resort function can be reshaped at the international level on the basis of the earlier considerations and recent trends in the activities and practices of the IMF.