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Subject
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Lender of Last Resort 1,009 Lender of last resort 995 Finanzkrise 412 Financial crisis 409 Central bank 309 Zentralbank 306 Theorie 292 Geldpolitik 290 Theory 283 Monetary policy 282 Bankenliquidität 244 Bankenkrise 243 Bank liquidity 240 Banking crisis 240 USA 213 United States 207 lender of last resort 190 Welt 187 World 183 EU-Staaten 108 EU countries 103 Eurozone 102 Bank regulation 101 Bankenregulierung 98 Euro area 95 Bankenaufsicht 71 Liquidity 69 Banking supervision 67 Moral Hazard 65 Moral hazard 62 Liquidität 61 Großbritannien 57 Internationaler Finanzmarkt 57 United Kingdom 57 Deposit insurance 56 International credit 56 Internationaler Kredit 56 International financial market 55 Einlagensicherung 54 Bankgeschichte 46
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Online availability
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Free 562 Undetermined 182
Type of publication
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Book / Working Paper 711 Article 521 Other 2
Type of publication (narrower categories)
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Working Paper 375 Article in journal 318 Aufsatz in Zeitschrift 318 Graue Literatur 311 Non-commercial literature 311 Arbeitspapier 290 Aufsatz im Buch 115 Book section 115 Hochschulschrift 23 Collection of articles of several authors 20 Sammelwerk 20 Thesis 18 Conference paper 17 Konferenzbeitrag 17 Commentary 9 Kommentar 9 Article 7 Collection of articles written by one author 7 Konferenzschrift 7 Sammlung 7 Aufsatzsammlung 6 Dissertation u.a. Prüfungsschriften 4 Rezension 4 Amtsdruckschrift 3 Conference proceedings 3 Government document 3 Proceedings 3 Research Report 2 Systematic review 2 Übersichtsarbeit 2 Bibliografie enthalten 1 Bibliography included 1 Book review 1 Conference Paper 1 Reprint 1 Statistics 1 Statistik 1
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Language
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English 969 Undetermined 143 German 61 French 33 Spanish 15 Polish 5 Italian 4 Czech 2 Hungarian 1 Norwegian 1 Portuguese 1 Russian 1
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Author
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Acharya, Viral V. 30 Bordo, Michael D. 23 Freixas, Xavier 21 Illing, Gerhard 21 Rochet, Jean-Charles 18 Aglietta, Michel 14 Cao, Jin 14 Flandreau, Marc 14 Goodhart, Charles A. E. 14 Wheelock, David C. 14 Winkler, Adalbert 14 De Grauwe, Paul 13 Steiger, Otto 12 Berger, Helge 11 Hefeker, Carsten 11 Nelson, William R. 11 Obstfeld, Maurice 11 Rockoff, Hugh 11 Ugolini, Stefano 11 Vives, Xavier 11 Yorulmazer, Tanju 11 Buiter, Willem H. 10 Ji, Yuemei 10 Santos, João A. C. 10 Wood, Geoffrey 10 Bibow, Jörg 9 Bignon, Vincent 9 Corsetti, Giancarlo 9 Gorton, Gary 9 Herrala, Risto 9 Jeanne, Olivier 9 Jobst, Clemens 9 Le Maux, Laurent 9 Nijskens, Rob 9 Repullo, Rafael 9 Vollmer, Uwe 9 Wyplosz, Charles 9 Berlemann, Michael 8 Bloxham, Paul 8 Fecht, Falko 8
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Institution
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C.E.P.R. Discussion Papers 18 Reserve Bank of Australia 15 National Bureau of Economic Research 14 Volkswirtschaftliche Fakultät, Ludwig-Maximilians-Universität München 6 Levy Economics Institute 5 Suomen Pankki 5 CESifo 4 EconWPA 4 SUERF - The European Money and Finance Forum 4 Department of Economics and Business, Universitat Pompeu Fabra 3 University of Western Ontario, Economic Policy Research Institute 3 Bank for International Settlements (BIS) 2 Bank für Internationalen Zahlungsausgleich / Währungs- und Wirtschaftsabteilung 2 Centro de Estudios Monetarios y Financieros (CEMFI) 2 Crawford School of Public Policy, Australian National University 2 Economics Institute for Research (SIR), Handelshögskolan i Stockholm 2 Ekonomiska forskningsinstitutet <Stockholm> 2 European Central Bank 2 Federal Reserve Bank of Cleveland 2 Federal Reserve Board (Board of Governors of the Federal Reserve System) 2 Frankfurt School of Finance and Management 2 INSEAD 2 Institute for Monetary and Economic Studies, Bank of Japan 2 International Monetary Fund (IMF) 2 Internationaler Währungsfonds 2 Oesterreichische Nationalbank 2 Princeton University Press 2 Society for Economic Dynamics - SED 2 The Wharton Financial Institutions Center 2 Université Paris-Dauphine (Paris IX) 2 de Nederlandsche Bank 2 BAFFI CAREFIN 1 Banco de España 1 Bank of England 1 Banque de France 1 Barcelona Graduate School of Economics (Barcelona GSE) 1 CASE-Center for Social and Economic Research 1 Center for Financial Studies 1 Center for International Development <Cambridge, Mass.> 1 Centre d'études prospectives et d'informations internationales (CEPII) 1
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Published in...
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Discussion paper / Centre for Economic Policy Research 26 Working paper / National Bureau of Economic Research, Inc. 21 CEPR Discussion Papers 18 Working Paper 17 IMF working paper 15 NBER working paper series 14 RBA Annual Conference Volume 13 CESifo working papers 10 ECB Working Paper 9 Journal of financial intermediation 9 Journal of monetary economics 9 NBER Working Paper 9 Staff reports / Federal Reserve Bank of New York 9 CESifo Working Paper 8 Journal of economic dynamics & control 8 Journal of money, credit and banking : JMCB 8 Qu'a-t-on appris sur le prêteur en dernier ressort depuis Thornton? 8 Working paper series / European Central Bank 8 Working papers / The Levy Economics Institute 8 Journal of financial economics 7 Staff Report 7 Wirtschaftsdienst : Zeitschrift für Wirtschaftspolitik 7 Discussion papers / CEPR 6 Financial crises, contagion, and the lender of last resort : a reader 6 Journal of financial services research : JFSR 6 CESifo Working Paper Series 5 Economics Working Paper Archive 5 HWWA discussion paper 5 Journal of banking & finance 5 SSE/EFI Working Paper Series in Economics and Finance 5 The lender of last resort 5 Which lender of last resort for Europe? 5 Bank of Finland research discussion papers 4 Cuadernos de economía 4 FEDS Working Paper 4 Faculty & research / Insead : working paper series 4 Finance and economics discussion series 4 Frankfurt School - Working Paper Series 4 IMES discussion paper series / Englische Ausgabe 4 IMF working papers 4
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Source
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ECONIS (ZBW) 945 RePEc 182 EconStor 99 USB Cologne (EcoSocSci) 5 BASE 2 ArchiDok 1
Showing 1 - 50 of 1,234
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How the West India trade fostered last resort lending by the Bank of England
Sissoko, Carolyn; Ishizu, Mina - 2021
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A liquidity risk early warning indicator for Italian banks : a machine learning approach
Drudi, Maria Ludovica; Nobili, Stefano - 2021
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Financial globalization as positive integration : monetary technocrats and the Eurodollar market in the 1970s
Braun, Benjamin; Krampf, Arie; Murau, Steffen - In: Review of international political economy 28 (2021) 4, pp. 794-819
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The new monetary policy revolution : advice and dissent
Turner, Philip - 2021
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Optimal timing of policy interventions in troubled banks
König, Philipp Johann; Mayer, Paul; Pothier, David - 2022
We analyze the problem of a policy authority (PA) that must decide when to resolve a troubled bank whose underlying solvency is uncertain. Delaying resolution increases the chance that information arrives that reveals the bank's true solvency state. However, delaying resolution also gives...
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Crisis liquidity facilities with nonbank counterparties : lessons from the term Asset-Backed Securities Loan Facility
Meisenzahl, Ralf R.; Pence, Karen M. - 2022
The Term Asset-Backed Securities Loan Facility (TALF), which addressed strains in the asset-backed securities market, was an unusual crisis facility because it provided loans to a wide range of nonbank financial institutions. Using new, detailed loan-level data, we study whether institutional...
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The politics of last resort lending and the Overend & Gurney crisis of 1866
Schneider, Sabine - In: The economic history review 75 (2022) 2, pp. 579-600
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Money under the mattress : inflation and lending of last resort
Barlevy, Gadi; Bird, Daniel; Fershtman, Daniel; Weiss, David - 2022
Central banks create money to lend during credit crunches, which might lead to inflation. We examine whether the two key functions of central banks - price stability and last-resort lending - conflict. We develop a nominal model of bank runs à la Diamond and Dybvig (1983) in which individuals...
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Central bank digital currency : central banking for all?
Fernández-Villaverde, Jesús; Sanches, Daniel; … - 2020
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How new Fed corporate nond programs dampened the financial accelerator in the COVID-19 recession
Bordo, Michael D.; Duca, John V. - 2020
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An essay on the Fed and the U.S. Treasury : lender of last resort and fiscal policy
Scott, Hal S. - 2020 - Draft May 21, 2020
Persistent link: https://ebtypo.dmz1.zbw/10012243434
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Supervision without regulation : discount limits at the Austro-Hungarian bank, 1909-1913
Rieder, Kilian; Jobst, Clemens - 2022
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Systemic Risk and Monetary Policy : The Haircut Gap Channel of the Lender of Last Resort
Jasova, Martina; Laeven, Luc; Mendicino, Caterina; … - 2021
We show that lender of the last resort (LOLR) policy contributes to higher bank interconnectedness and systemic risk. Using novel micro-level data, we analyze the haircut gap channel of LOLR – the difference between the private market and central bank haircuts. LOLR increases...
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The International Lender of Last Resort : How Large is Large Enough?
Jeanne, Olivier; Wyplosz, Charles - 2021
This paper considers how an international lender of last resort (LOLR) can prevent self-fulfilling banking and currency crises in emerging economies. We compare two different arrangements: one in which the international LOLR injects liquidity into international financial markets, and one in...
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Policy Uncertainty, Lender of Last Resort and the Real Economy
Jasova, Martina; Mendicino, Caterina; Supera, Dominik - 2021
We show that a reduction in lender of last resort (LOLR) policy uncertainty positively affects bank lending and propagates to investment and employment. We exploit a unique policy that reduced uncertainty regarding the availability of future LOLR funding for banks as a quasi-natural experiment....
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Shadow Banking in India & the Lender of Last Resort
Dutta, Prof Rajib - 2021
If Banking Industry is the ‘mover’ in any economy, Shadow Banking (especially the Non Banking Finance Institutions/Corporations) is but the vital cog in its armoury. Non-Banking Financial Institutions/Companies (NBFIs/ NBFCs) are entities or institutions that provide certain bank-like and...
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International Lending of Last Resort and Moral Hazard : A Model of Imf'S Catalytic Finance
Corsetti, Giancarlo; Guimaraes, Bernardo; Roubini, Nouriel - 2021
It is often argued that the provision of liquidity by the international institutions such as the IMF to countries experiencing balance of payment problems can have catalytic effects on the behavior of international financial markets, i.e., it can reduce the scale of liquidity runs by inducing...
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Charles Goodhart'S Contributions to the History of Monetary Institutions
Bordo, Michael D.; Schwartz, Anna J. - 2021
Our paper examines Charles Goodhart's work on the history of monetary institutions: central bank operations under the gold standard, their behaviour in relation to the financial system in which they functioned, including their responses to banking crises, and their performance as lenders of last...
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An overview of the Fed's new credit policy tools and their cushioning effect on the COVID-19 recession
Bordo, Michael D.; Duca, John V. - In: Journal of government and economics : JGE 3 (2021), pp. 1-10
The economics literature lacks articles that provide a broad roadmap-let alone a logical explanation-of the new set of Federal Reserve policy tools that were created to counter the COVID-19 recession. This study provides an overview of the motivation for these new credit-easing programs-namely...
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Policy uncertainty, lender of last resort and the real economy
Jasova, Martina; Mendicino, Caterina; Supera, Dominik - 2021
We show that a reduction in lender of last resort (LOLR) policy uncertainty posi-tively affects bank lending and propagates to investment and employment. We exploita unique policy that reduced uncertainty regarding the availability of future LOLRfunding for banks as a quasi-natural experiment....
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Bagehot for Central Bankers
Le Maux, Laurent - 2021
Walter Bagehot (1873) published his famous book, Lombard Street, almost 150 years ago. The adage “lending freely against good collateral at a penalty rate” is associated with his name and his book has always been set on a pedestal and is still considered as the leading reference on the role...
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Risk endogeneity at the lender/investor-of-last-resort
Caballero, Diego; Lucas, André; Schwaab, Bernd; Zhang, Xin - 2019
To what extent can a central bank influence its own balance sheet credit risks during a financial crisis through unconventional monetary policy operations? To study this question we develop a risk measurement framework to infer the time-variation in portfolio credit risks at a high (weekly)...
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The architecture of supervision
Ampudia, Miguel; Beck, Thorsten; Beyer, Andreas; … - 2019
The architecture of supervision - how we define the allocation of supervisory powers to different policy institutions - can have implications for policy conduct and for the economic and financial environment in which these policies are implemented. Theoretically, an integrated structure for...
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Banking panics and the lender of last resort in a monetary economy
Matsuoka, Tarishi; Watanabe, Makoto - 2019
This paper studies the role of a lender of last resort (LLR) in a monetary model where a shortage of bank's monetary reserves (or a banking panic) occurs endogenously. We show that while a discount window policy introduced by the LLR is welfare improving, it reduces the banks' ex ante incentive...
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Risk endogeneity at the lender/investor-of-last-resort
Caballero, Diego; Lucas, André; Schwaab, Bernd; Zhang, Xin - 2019
We address the question to what extent a central bank can de-risk its balance sheet by unconventional monetary policy operations. To this end, we propose a novel risk measurement framework to empirically study the time-variation in central bank portfolio credit risks associated with such...
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The Bank of England and central bank credit rationing during the crisis of 1847 : frosted glass or raised eyebrows?
Anson, Mike; Bholat, David; Kang, Miao; Rieder, Kilian; … - 2019
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Negotiating the Lender-of-Last-Resort : The 1913 Fed Act as a Debate Over Credit Distribution
Orian Peer, Nadav - 2020
“Lending of last resort” is one of the key powers of central banks. As a lender-of-last-resort, the Federal Reserve famously supports commercial banks facing distressed liquidity conditions, thereby mitigating destabilizing bank runs. Less famously, lender-of-last-resort powers also...
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Policy Uncertainty, Lender of Last Resort and the Real Economy
Jasova, Martina - 2020
We show that a reduction in lender of last resort (LOLR) policy uncertainty positively affects bank lending and propagates to investment and employment. We exploit a unique policy that reduced uncertainty regarding the availability of future LOLR funding for banks as a quasi-natural experiment....
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Surviving the Perfect Storm : The Role of the Lender of Last Resort
Alves, Nuno - 2020
When banks are hit by a severe liquidity shock, central banks have a key role as lenders of last resort. Despite the well-established importance of this mechanism, it is challenging to analyze empirically this key role of central banks. We explore a unique setting in which banks suddenly lost...
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New Bagehot Financial Crisis Interventions and Redistribution
Schroth, Josef - 2020
This paper studies distributional consequences of equity injections that arefunded with financial-sector levies. In the model economy, financial intermediationsupports both productive investment and individual consumption smoothing,subject to an equity requirement. When intermediary equity is...
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Liquidity in Resolution - A Transatlantic Perspective on Lender of Last Resort Operations in Bank Resolutions
Grund, Sebastian - 2020
This Article argues that the frameworks put in place to allow for the orderly resolution of large financial institutions suffer from a liquidity problem. This is because post-crisis reforms enjoined central banks from providing liquidity to financial firms during and immediately after...
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Banks as Lenders of First Resort : Evidence from the Covid-19 Crisis
Li, Lei - 2020
In March of 2020, banks faced the largest increase in liquidity demands ever observed. Firms drew funds on a massive scale from pre-existing credit lines and loan commitments in anticipation of cash flow disruptions from the economic shutdown designed to contain the COVID-19 crisis. The increase...
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An Essay on the Fed and the U.S. Treasury : Lender of Last Resort and Fiscal Policy
Scott, Hal S. - 2020
This essay explores the evolution of my thinking on risky emergency lending to banks and non-banks. The Fed is now, in the Pandemic, engaging in lending with significant credit risk. While it appears these are Fed programs, in fact this lending is controlled by, and may be largely determined, by...
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Banks as Lenders of First Resort : Evidence from the COVID-19 Crisis
Li, Lei - 2020
In March of 2020, banks faced the largest increase in liquidity demands ever observed. Firms drew funds on a massive scale from pre-existing credit lines and loan commitments in anticipation of cash flow disruptions from the economic shutdown designed to contain the COVID-19 crisis. The increase...
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The Miner of Last Resort : Digital Currency, Shadow Money and the Role of the Central Bank
Steele, Graham - 2020
Cryptocurrency arose, and grew in popularity, following the financial crisis of 2008 built upon a promise of decentralizing money and payments. An examination of the history of money and banking the United States demonstrates that stable money benefits from strict controls and commitments by a...
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Banking crises under a Central Bank Digital Currency (CBDC)
Bitter, Lea - 2020
One of the main concerns when considering Central Bank Digital Currency (CBDC) is the disintermediating effect on the banking sector in normal times, and even more the risk of a bank run in times of crisis. This paper extends the bank run model of Gertler and Kiyotaki (2015) by analyzing the...
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The rationale for central bank liquidity insurance and liquidity regulation
Søvik, Ylva - 2020
One of the core functions of a central bank is to provide liquidity insurance, often termed the lender of last resort (LLR) function. During and after the Great Financial Crisis (GFC) in 2007-09 central banks' role as liquidity insurers evolved. In the aftermath of the crisis, regulation of...
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Hedger of last resort : evidence from Brazilian FX interventions, local credit, and global financial cycles
Gonzalez, Rodrigo Barbone; Khametshin, Dmitry; Peydró, … - 2020
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Trading for bailouts
Ahnert, Toni; Machado, Caio; Pereira, Ana Elisa Gonçalves - 2020 - Last updated: June 4, 2020
Government interventions such as bailouts are often implemented in times of high uncertainty. Policymakers may therefore rely on information from financial markets to guide their decisions. We propose a model in which a policymaker learns from market activity and where market participants have...
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Central bank swaps then and now : swaps and dollar liquidity in the 1960s
McCauley, Robert N.; Schenk, Catherine R. - 2020
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Risk-sharing and the creation of systemic risk
Acharya, Viral V.; Iyer, Aaditya M.; Sundaram, Rangarajan K. - In: Journal of risk and financial management : JRFM 13 (2020) 8/183, pp. 1-18
We address the paradox that financial innovations aimed at risk-sharing appear to have made the world riskier. Financial innovations facilitate hedging idiosyncratic risks among agents; however, aggregate risks can be hedged only with liquid assets. When risk-sharing is primitive, agents...
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Central bank currency swap lines
García-Escudero, Enrique Esteban; Sánchez Pérez, Elisa J. - 2020
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The IMF's Financial Catch-22 : Global Banker or Lender of Last Resort?
Kaplan, Stephen B. - 2020
The International Monetary Fund (IMF) has dual institutional roles: a steward of international financial stability and a global banker safeguarding the resources of its sovereign shareholders. But, how does the IMF behave when its balance sheet becomes exposed to higher-than-usual credit risk,...
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Optimal timing of policy interventions in troubled banks
König, Philipp Johann; Mayer, Paul; Pothier, David - 2022
We analyze the problem of a policy authority (PA) that must decide when to resolve a troubled bank whose underlying solvency is uncertain. Delaying resolution increases the chance that information arrives that reveals the bank's true solvency state. However, delaying resolution also gives...
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Kindleberger in retrospect : the Federal Reserve's dollar swap lines and international lender of last resort rules
Carré, Emmanuel; Le Maux, Laurent - In: Industrial and corporate change 31 (2022) 2, pp. 448-463
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Preferential treatment of government bonds in liquidity regulation : implications for bank behaviour and financial stability
Neyer, Ulrike; Sterzel, André - 2018
This paper analyses the impact of different treatments of government bonds in bank liquidity regulation on financial stability. Using a theoretical model, we show that a sudden increase in sovereign default risk may lead to liquidity issues in the banking sector, implying the insolvency of a...
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Reserves for all? : central bank digital currency, deposits, and their (non)-equivalence
Niepelt, Dirk - 2018
I offer a macroeconomic perspective on the "Reserves for All" (RFA) proposal to let the general public use electronic central bank money. After distinguishing RFA from cryptocurrencies and relating the proposal to discussions about narrow banking and the abolition of cash I propose an...
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Reserves for all? : central bank digital currency, deposits, and their (non)-equivalence
Niepelt, Dirk - 2018
I offer a macroeconomic perspective on the "Reserves for All" (RFA) proposal to let the general public use electronic central bank money. After distinguishing RFA from cryptocurrencies and relating the proposal to discussions about narrow banking and the abolition of cash I propose an...
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Reserves for all? : central bank digital currency, deposits, and their (non)-equivalence
Niepelt, Dirk - 2018
I offer a macroeconomic perspective on the "Reserves for All" (RFA) proposal to let the general public use electronic central bank money. After distinguishing RFA from cryptocurrencies and relating the proposal to discussions about narrow banking and the abolition of cash I propose an...
Persistent link: https://ebtypo.dmz1.zbw/10011890522
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Benefits and costs of liquidity regulation
Hoerova, Marie; Mendicino, Caterina; Nikolov, Kalin; … - 2018
This paper investigates the costs and benefits of liquidity regulation. We find that liquidity tools are beneficial but cannot completely remove the need for Lender of Last Resort (LOLR) interventions by the central bank. Full compliance with current Liquidity Coverage Ratio (LCR) and Net Stable...
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