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in stabilizing the world economy from the 1960s through 2008"-- …" When financial crises occur, economic theory maintains that national economies need a lender of last resort to … formal international lender of last resort (ILLR) to perform this function for the world economy. Conventional wisdom says …
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The past two decades have seen the construction of a tiered system of international liquidity provision, the first tier including those whose credit is sufficient for a swap line with the Fed, the second tier including those who can offer acceptable collateral to the Fed, and the third tier...
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monetary policy spillovers, with important implications for theory and policy. …
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