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Academic literature on the topic 'Lender of the last resort'

Author: Grafiati

Published: 4 June 2021

Last updated: 18 February 2022

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Journal articles on the topic "Lender of the last resort"

1

de Cecco, Marcello. "The Lender of Last Resort." Economic Notes 28, no. 1 (February 1999): 1–14. http://dx.doi.org/10.1111/1468-0300.00001.

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Goodhart, Charles A. E., and Haizhou Huang. "The lender of last resort." Journal of Banking & Finance 29, no. 5 (May 2005): 1059–82. http://dx.doi.org/10.1016/j.jbankfin.2003.11.003.

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Vollmer, Uwe, and Achim Hauck. "Lender-of-last-resort auf Finanzmärkten." WiSt - Wirtschaftswissenschaftliches Studium 39, no. 3 (2010): 140–46. http://dx.doi.org/10.15358/0340-1650-2010-3-140.

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Kuttner, Kenneth N. "Reinventing the Lender of Last Resort." Japanese Economy 37, no. 2 (May 2010): 3–22. http://dx.doi.org/10.2753/jes1097-203x370201.

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Hansen, Arne, and Dirk Meyer. "Debt Relief as a Last Resort for the Lender of Last Resort?" Intereconomics 56, no. 4 (July 2021): 223–33. http://dx.doi.org/10.1007/s10272-021-0984-7.

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AbstractThe coronavirus crisis has led to a sharp increase in the debt-to-GDP ratios of the euro area member states. Without external support, access to the capital market could be seriously threatened in the medium term for Italy, but also for other member states. While the Pandemic Emergency Purchase Programme, which is designed as a monetary policy instrument, is regarded by some as a violation of the prohibition of monetary financing, the Next Generation EU recovery fund is likely to direct the fundamental structures of the European Union towards a fiscal union with considerable redistribution elements. This article analyses an alternative strategy, namely debt relief by the European System of Central Banks through an EU debt agency. Such a scheme would be possible without amending the EU treaties and would avoid negative equity at the central banks. The question is under what circumstances would this approach be suitable and proportionate?

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Obstfeld, Maurice. "Lender of Last Resort and Global Liquidity." Development Outreach 11, no. 3 (December 2009): 43–46. http://dx.doi.org/10.1596/1020-797x_11_3_43.

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Lastra, Rosa Maria. "Lender of Last Resort, an International Perspective." International and Comparative Law Quarterly 48, no. 2 (April 1999): 340–61. http://dx.doi.org/10.1017/s0020589300063223.

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The name “lender of last resort” owes its origins to Sir Francis Barings, who in 1797 referred to the Bank of England as the “dernier resort” from which all banks could obtain liquidity in times of crisis.1 The lender of last resort (“LOLR”) role of the central bank remains a major rationale for most central banks around the world, in both developed and developing countries.2 While other central bank functions have recently come under fire (e.g. banking supervision), the importance of having the LOLR under the umbrella of the central bank is seldom contested.3 It is the immediacy of the availability of central bank credit (the central bank being the ultimate supplier of high-powered money) that makes the LOLR particularly suitable to confront emergency situations.

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Adkisson, Richard V. "Which Lender of Last Resort for Europe?" Journal of Economic Issues 35, no. 3 (September 2001): 759–60. http://dx.doi.org/10.1080/00213624.2001.11506402.

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Minsky, Hyman P. "Money and the Lender of Last Resort." Challenge 28, no. 1 (March 1985): 12–18. http://dx.doi.org/10.1080/05775132.01.11470984.

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Goodhart, C. A. E. "Myths about the Lender of Last Resort." International Finance 2, no. 3 (November 1999): 339–60. http://dx.doi.org/10.1111/1468-2362.00033.

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Dissertations / Theses on the topic "Lender of the last resort"

1

Stasch, Katharina. "Lender of last resort Bankenkrisen und Krisenmanagement in der Europäischen Union." Baden-Baden Nomos, 2007. http://d-nb.info/995466610/04.

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Paulsson, Gustaf, and Nikals Muhrbeck. "Trade Credits : An alternative way to access finance: leveraging operational financing or a lender of last resort?" Thesis, Internationella Handelshögskolan, Högskolan i Jönköping, IHH, Economics, Finance and Statistics, 2009. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-24818.

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This paper addresses issues for Swedish firms associated with the usage of trade credits. With the lack of historical records, young and small firms cannot access finance as older and larger firms and therefore become more dependent upon short term trade credits from their suppliers as a way to financing operational activities. In terms of the trade credits usage among Swedish industrial firms the size and age of a company has direct implications. The age of a company has an inverse relationship with trade credits. Henceforth, it is assumed that, the older the firm, the better access to external financing. In effect, they can take advantage of early discounts terms offered by the customer. Additionally, findings suggest that smaller and younger firms have weaker access to external financing and therefore are more dependent upon their relatively larger suppliers. In essence, smaller and younger firms use more trade credits as a mean of operational financing. The empirical approach measuring trade credits among Swedish industrial firms shed light on aggregated means of trade credit usage in Sweden. This paper suggests a logical rationale behind findings supporting the main theories concerning trade credits. The findings of this paper could serve as a base for further development applying the model in a cross branch sectional fashion, analyzing the differences among branches associated with the less cyclical as well as the cyclical economy respectively.
Trade Credits, Price Discrimination, Asymmetric information, Market Concentration, Financing

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3

Ogden, E. M. "The development of the role of the Bank of England as a Lender of Last Resort, 1870-1914." Thesis, City University London, 1988. http://openaccess.city.ac.uk/8350/.

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This thesis studies the role of the Bank of England as a lender of last resort (LLR) in the 1870-1914 period. It also considers how the Bank reacted to the failure, or the possibility of failure, of financial institutions. This concern with crises arises out of fractional reserve banking: banks keep only a small proportion of their deposit liabilities in the form of cash, and thus are not able to supply all depositors with cash at any one time. If a sudden demand for cash arises, institutions with no solvency problems can fail due to a lack of liquidity in the financial markets, and widespread problems of this sort may lead to a collapse in the money stock. The role of the LLR is to provide sufficient liquidity to enable institutions to overcome their liquidity problems. The importance of the LLR in the late nineeenth century is that it was only in this period that the Bank of England started to take on the characteristics of a last resort lender. In the last thirty years of the nineteenth century there was an absence of financial crises as compared to the previous two centuries, and it is therefore possible that the Bank of England had by this time altered its behaviour so as to remove the possibility of widespread crisis occurring. It is this question which this thesis examines. A primary objective of the analysis in this study was to identify moments of crisis or potential crisis in the London financial markets between 1870 and 1914, with a view to assessing how the Bank of England dealt with them: did it satisfy our idea of an efficient LLR? We therefore collected data from the Bank's archives which showed the exact pattern of the Bank's discount and advance activities on a daily basis. These data were subjected to a rigorous statistical examination to enable identification of moments of financial tension. The Bank's behaviour was then analysed with respect to the theoretical framework. The results reinforce the conclusions of earlier studies, in that although there was no stated policy stance from the Bank it was prepared to act as a LLR in this period. In addition, it was prepared to "bail-out" institutions which could prove themselves to be solvent but were in need of liquidity. The study provides a great deal of detail as to how the Bank's LLR operations were carried out. Another important factor influencing the Bank's behaviour seems to have been the personality of the Governor. Firm, interested Governors were likely to take a definite policy stance on issues relating to the financial markets whereas weak ones were not.

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Katinic, Goran, and Dennis Petersson. "Utvärdering av Riksbankens krisarbete : Teori kontra praktik." Thesis, Linköpings universitet, Nationalekonomi, 2011. http://urn.kb.se/resolve?urn=urn:nbn:se:liu:diva-78338.

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När den amerikanska investmentbanken Lehman Brothers ansökte om konkurs den 15 september 2008 ökade oron på den globala finansiella marknaden. Detta ledde till svårigheter för finansiella aktörer i Sverige att finansiera sin verksamhet eftersom det blev dyrare att ta upp lån internationellt samtidigt som misstänksamheten gentemot andra aktörer pressade upp riskpremierna. Vid denna tidpunkt var inflationsnivån i Sverige den högsta på 15 år vilket fick Riksbanken att höja styrräntan dagarna innan konkursansökan. När den amerikanska investmentbanken Lehman Brothers ansökte om konkurs den 15 september 2008 ökade oron på den globala finansiella marknaden. Detta ledde till svårigheter för finansiella aktörer i Sverige att finansiera sin verksamhet eftersom det blev dyrare att ta upp lån internationellt samtidigt som misstänksamheten gentemot andra aktörer pressade upp riskpremierna. Vid denna tidpunkt var inflationsnivån i Sverige den högsta på 15 år vilket fick Riksbanken att höja styrräntan dagarna innan konkursansökan. Uppsatsens undersökning har till stor del bestått av en litteraturstudie. Utöver detta har även en intervju genomförts med riksbankschefen Stefan Ingves. Materialet som har använts har främst tagits från Riksbanken. Riksbanken vidtog ett flertal åtgärder för att stärka den svenska finansmarknadens motståndskraft. Åtgärderna var under krisens gång en kombination av penningpolitik och finansiella stabiliseringsåtgärder. Utöver räntejusteringar erbjöds bland annat obegränsade lånemöjligheter till Riksbankens motparter, vilket enligt Stefan Ingves även var den viktigaste åtgärden. Detta syftade främst till att sänka den allmänna räntenivån och återskapa förtroendet på den svenska finansiella marknaden. Till följd av Riksbankens åtgärder föll den allmänna räntenivån. Vilka effekter Riksbankens åtgärder hade på inflations och BNP utvecklingen är dock svårt att fastställa då utvecklingen av dessa berodde på flera olika faktorer. Riksbankens agerande under finanskrisen stämmer väl överens med vad teorierna förespråkar. Problemet med de penningpolitiska teorierna är att handlingsutrymmet begränsas när styrräntan närmar sig nollgränsen samtidigt som konjunkturnedgången är ihållande. Trots att Riksbanken agerade i enlighet med de penningpolitiska teorierna kan händelseförloppet inte enbart förklaras av dessa. Riksbanken agerande som en Lender of Last Resort är teorienlig förutom att en alldeles för låg straffränta togs ut.

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Rieder, Kilian. "(Un)promising beginnings : Bagehot in the land of the waltz : financial crises and lending of last resort in the Austro-Hungarian Empire (1868-1914)." Thesis, University of Oxford, 2017. http://ora.ox.ac.uk/objects/uuid:5701f2df-3dda-466c-a820-3f0364e6a176.

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This dissertation analyzes the emergence of the Austro-Hungarian Bank (OeUB) as a modern lender of last resort (LLR) between 1868 and 1914. In order to evaluate policy responses to specific periods of financial distress, an in-depth knowledge of the context and dynamics at hand is indispensable. Chapter I sets the groundwork for this dissertation. It shows that bank failures during the Austro-Hungarian crisis of 1873 followed mainly from the break-down of a large repo market on the Viennese stock exchange. Credit institutions granted repo loans against securities that turned into highly illiquid and depreciated collateral. Banks that were forced to sell repossessed collateral in response to heavy funding withdrawals had to write-off substantial portions of their repo portfolios and thus incurred heavy losses. This chapter reinterprets the Austro-Hungarian crisis of 1873 as a historical "run on repo". It is the first study to examine a historical repo market crisis using microdata. I use semi-parametric survival analysis as well as stratification techniques new to the literature on bank distress to identify the causes of bank failures. Bank failures in 1873 did not spring from a pure liquidity problem, nor did they derive from a simple solvency shock. The complex roots of bank distress in 1873 posed difficult questions for policy-makers who needed to decide whether and how to intervene. Although central banks may be first-best candidates for the role of a LLR, they can also face constraints which obviate an elastic supply of liquidity during crises. Some of these constraints may be ideational, institutional or technical. Others are driven by market characteristics: quantity rationing can be the result of asymmetric information problems in financial markets. In Chapter II, I study a historical experiment implemented to overcome the specter of a credit rationing LLR during the Austro-Hungarian crisis of 1873. I explore bank-level information on treatment by a LLR mechanism designed as a public-private partnership between the central bank and market players. Drawing on inverse probability weighted regression adjustment (IPWRA) to tease out the causal effect of liquidity support, I show that this unconventional LLR was effective in mitigating bank distress: it worked as a remedy for the under-provision of a good particularly desirable in times of crises central bank liquidity. No matter how successful it is in calming financial distress and independently of the concrete form it takes, the LLR always comes at a cost. Moral hazard is a central issue in the literature on last resort lending. In Chapter III, I provide a new explanation for how central banks dealt with moral hazard historically. I focus on one specific component of central banks' risk frameworks: credit limits for discount window customers. I argue that credit limits as operationalized by the Austro-Hungarian Bank (OeUB) after 1878 constituted the backbone of an early form of microprudential regulation that was designed to check moral hazard in normal times. Credit limits empowered the Austro-Hungarian Bank to enforce minimum liquidity and capital standards for its counterparties at the discount window. Rather than contradicting the tenet of free lending in times of distress, credit limits functioned as "contingent rules": enforced in normal times, limits were increased or lifted during liquidity crises perceived as exogenous. Moreover, even during crises, the Bank did not simply relax limits for all credit institutions: it differentiated between banks depending on their fundamentals prior to the crisis. Chapter III provides the first economic interpretation and empirical analysis of the credit limit frameworks employed by central banks in the past.

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Hagberg, Axel. "Bankkrishantering : aktörer, marknad och stat." Doctoral thesis, Handelshögskolan i Stockholm, EHFF - Stiftelsen för Ekonomisk-historisk och Företagshistorisk Forskning, 2007. http://urn.kb.se/resolve?urn=urn:nbn:se:hhs:diva-1264.

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I likhet med i andra länder har det i Sverige under vissa högkonjunkturer uppstått ett så betydande kapitalöverskott, att den finansiella marknaden fått problem att bemästra flödena. Konsekvensen har blivit att den aggregerade risknivån ökat i takt med stigande tillgångspriser. När väl en kontraktion uppstått, har det saknats kapital för att i ordnade former bemästra de nya ekonomiska förutsättningarna. Det är den utvecklingen som föregått kriserna 1878/79, 1921/22 och 1991/92. Temporära insatser har då måst ske vid sidan av det befintliga institutionella systemet. Forskningen ger för Sveriges del en kriskronologi för det finansiella området med krisåren 1763, 1817/18, 1857/58, 1878/79, 1907/08, 1921/22, 1932/33 och 1991/92. Det har vid kriserna 1878/79, 1921/22 och 1991/92 förelegat ett betydande hot om kollaps av det finansiella systemet. Vid dessa tre tillfällen har det efter förhandlingar mellan bankerna och staten kommit att skapas temporära krishanteringsorganisationer – Järnvägshypoteksfonden 1879, AB Kreditkassan 1922 samt Securum AB 1992 – vid sidan om den svenska Riksbanken. Kriserna har hävts med hjälp av de temporärt skapade krisorganisationerna, vilka samtliga har haft en Lender of Last Resort-funktion. Krishanteringstekniken vid krisen 1921/22 kan ses som en vidareutveckling av den som kommit till användning 1878/79. Även om bakgrunden till krisen 1991/92 skiljer sig åt från de två här tidigare nämnda tillfällena, kom tekniken med överflyttandet av tyngande engagemang till ett nytt bolag att likna den teknik som användes redan av AB Kreditkassan. Trots detta betydde tidigare svenska erfarenheter mindre för krisen 1991/92 i detta fall. Idéerna till Securum hämtades istället från senare tids bankkrishantering i USA med inrättandet av så kallade ”bad banks”. Syftet med denna avhandling är att med en institutionell ansats klarlägga och analysera hur de två första av dessa tre finansiella kriser har hanterats. Avhandlingen belyser i detalj det förhandlingsdrama mellan statens och marknadens aktörer som föregått inrättandet av respektive krisorganisation.

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Kotak, Akshay. "Essays on financial intermediation, stability, and regulation." Thesis, University of Oxford, 2015. http://ora.ox.ac.uk/objects/uuid:112b32a7-fa60-4baa-a325-15e014798cea.

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Modern banking theories provide a host of explanations for the existence of intermediaries, highlight their important influence on economic growth, delineate the risks inherent in the services they provide, and illustrate the market failures and real costs of bank failures that precipitate the need for regulation and oversight of the sector. This thesis is a collection of three essays that looks at three of these key aspects of financial intermediaries - the development of financial intermediaries, the function of the lender of last resort that has emerged as an important part of the safety net afforded to financial intermediaries, and the occurrence of financial crises. The first chapter of this thesis provides an introduction to the academic literature on financial intermediation covering different theories put forward to explain their emergence, and highlighting the risks inherent in their operation. It emphasizes the crucial functions they perform in the economy and makes a case for regulation and oversight of the sector to reduce the incidence and alleviate the effects of financial crises. The second chapter seeks to determine the policy and institutional factors that influence the development of financial institutions as measured across three dimensions - depth, efficiency, and stability. Applying the concept of the financial possibility frontier, developed by Beck and Feyen (2013) and formalized by Barajas et al. (2013b), we determine key policy variables affecting the gap between actual levels of development and benchmarks predicted by structural variables. Our dynamic panel estimation shows that inflation, trade openness, institutional quality, and banking crises significantly affect financial development. We also assess the impact of the policy variables across the different dimensions of development thereby identifying complementarities and potential trade-offs for policy makers. The third chapter models the role of the lender of last resort (LoLR) in a general equilibrium framework. We allow for heterogeneous agents and a risk-averse banking sector, and incorporate the frictions of endogenous default, liquidity, and money. Adverse supply shocks in monetary endowments trigger default, leading to deterioration in the value of bank assets, and subsequent bank illiquidity in some states of the world. LoLR intervention is then assessed with regards to its economy-wide effect on welfare, bank profitability, and the level of default. The results provide a justification for constructive ambiguity. The fourth chapter aims to provide an explanation for the incidence of financial crises by combining insights from agency theory and Minsky's financial instability hypothesis (Minsky, 1992) in a model with endogenous default. Our theoretical model shows that the probability of a financial crisis increases as the quality of shareholder information decreases. We then develop a measure for the quality of shareholder information following Simon (1989) and show that the market-wide quality of shareholder information: i) is poor (with no trend) in the Pre-SEC period (1840 to 1934); ii) improves substantially following the SEC reforms; and iii) gradually declines starting in the 1960s/70s until it is now back to pre-SEC levels. This matches up with the standard list of US financial crises (as in Reinhart and Rogoff 2009; Reinhart 2010) and supports our hypothesis that the likelihood of a financial crisis increases with deterioration in the quality of shareholder information.

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Titze, Miroslav. "PROBLEMATIKA RIADENIA LIKVIDITY FEDERÁLNEHO REZERVNÉHO SYSTÉMU V KONTEXTE BANKOVEJ KRÍZY 1929 - 1933." Master's thesis, Vysoká škola ekonomická v Praze, 2013. http://www.nusl.cz/ntk/nusl-197860.

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Main goal of the diploma thesis is to research liquidity management problems of the Federal Reserve System during banking crisis 1929 -- 1933. Monetary policy implementation based on the implicit reserve targeting was not convenient in times of sharp expansion of the demand for reserves. FED was misled by Real-bills and Riefler-Burgess doctrine and considers monetary condition to be easy. Money interest rates responded very moderately to the shortage of the banking system's liquidity. We can find origin of the first quantitative easing in 1932 when FED first bought larger quantities of the government securities. Expansionary monetary policy during the banking crisis 1929 -- 1933 was also potentially limited by the conflict among U.S. financial stability and sustainability of the gold standard.

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Bakhit, Salma. "Le pouvoir des banques centrales face aux défis des marchés financiers." Thesis, Aix-Marseille, 2014. http://www.theses.fr/2014AIXM2006.

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La thèse se propose, dans une première partie, de décrire l'origine des débats sur la nécessité d'une banque centrale jusqu'aux formulations actuelles. Sont examinés les éléments qui ont posé les bases d'un prêteur ultime et favorisé la maturation de ce métier, de même que sont mis en relief les résultats accumulés depuis deux siècles. Notre attention porte sur la Réserve Fédérale des Etats-Unis. Les économistes sont en quête de solutions afin de prévenir les crises financières. Ainsi a été proposé un élargissement du tableau de bord de manière à contenir les prix d'actif dans une approche macro et micro-prudentielle. Parallèlement, sont analysés les canaux par lesquels la politique monétaire influence les variables réelles et financières de l'économie, et qui attestent alors du rôle pouvant être théoriquement assumé par la banque centrale sur les marchés financiers. La deuxième partie concentre le propos sur les ressorts des crises financières. Nous nous intéressons au paradoxe de la surliquidité et du surendettement, en insistant sur les particularités des marchés financiers devenant plus vulnérables. La contribution de la thèse dans cette étape consiste à vérifier si la banque centrale contribue à la manifestation de comportements abusifs et excessifs sur les marchés financiers par l'abondante création de liquidité. Notre étude empirique devrait permettre de répondre à cette question à travers une modélisation économétrique et des tests statistiques (dont le test de Chow) appliqués à une politique monétaire active (type règle de Taylor). En ce sens, cette recherche sur les actions de la Fed vise à forger une opinion sur le métier de banquier central et sur son devenir
The thesis proposes, in a first part, to describe the origin of the debate on the need for a central bank up until the recent formulations. They were examined the elements which have posed the bases of an "ultimate lender" and promoted the maturation of this function, as were highlighted the results accumulated over two centuries. Our attention is drawn to the Federal Reserve of the United States. The economists are always in search for solutions to prevent financial crises. It has thus been proposed to extend the dashboard of central banks as to contain asset prices in a macro and micro-prudential approach. In parallel, in order to support this debate, we analyze the mechanisms by which the monetary policy affects the real and financial variables of the economy, which also affirm the role that can be assumed in theory by a central bank on financial markets. The second part focuses on the recurrence and intensity of financial crises. We consider the paradox of excess liquidity and over-indebtedness, with an emphasis on properties of financial markets becoming more vulnerable and their recent development. The contribution of the thesis in this stage consists of checking whether the central bank is responsible of abusive and excessive behavior on the financial markets by the abundant creation of liquidity. Our empirical study should help to answer this question through an econometric modeling and statistical tests (including the Chow test) applied to an active monetary policy (type Taylor rule). In this way, our research on the actions of the Fed aims to forge an opinion on the profession of modern central bankers, and perhaps on the future of central banks themselves

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Laga, Václav. "Význam zdrojů likvidity centrální banky v průběhu finanční krize. Vývoj pozice věřitele poslední instance." Master's thesis, Vysoká škola ekonomická v Praze, 2014. http://www.nusl.cz/ntk/nusl-194130.

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The aim of this thesis is to document the importance of liquidity resources of central banks during banking panics and financial crises and analysis of the development of LLR function. We examined three historical examples: the banking panic of 1866, the Great Depression and the current financial crisis, and we focused on the interaction between the demand for liquidity on the one hand and the supply of liquidity by central banks on the other. On the wide historical background we also analysed the changes in the function of LLR. We present that a restrictive monetary policy during financial market distortions may lead to further disturbances and cause serious recession. The analysis of the BoE during 1866 and of the FED between 2007 and 2009, on the contrary shows that the expansionary stance and considerably endogenous liquidity supply are able to reduce financial market's distortions and mitigate possible recession. Analysis of FED's reaction also indicated that should the LLR remain efficient, central banks must expand their instruments portfolio.

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Books on the topic "Lender of the last resort"

1

Garcia, G. G. The Federal Reserve: Lender of last resort. Cambridge, Mass: Ballinger, 1988.

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Bordo, Michael D. The lender of last resort: Some historical insights. Cambridge, MA: National Bureau of Economic Research, 1989.

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Goodhart, C. A. E. A model of the lender of last resort. London: London School of Economics, Financial Markets Group, 1999.

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Goodhart, C. A. E. A model of the lender of last resort. [Washington, D.C.]: International Monetary Fund, Monetary and Exchange Affairs Department, 1999.

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Fischer, Stanley. On the need for an international lender of last resort. Princeton, N.J: International Economics Section, Dept. of Economics, Princeton University, 2000.

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Jeanne, Olivier. The international lender of last resort: How large is large enough? [Washington, D.C.]: International Monetary Fund, Research Department, 2001.

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Lender of last resort: Bankenkrisen und Krisenmanagement in der Europäischen Union. Baden-Baden: Nomos, 2009.

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Schinasi, Garry J. The lender of last resort in the European single financial market. [Washington, D.C.?]: International Monetary Fund, 2006.

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Jeanne, Olivier. The international lender of last resort: How large is large enough? Cambridge, MA: National Bureau of Economic Research, 2001.

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Kahn, Charles M. Allocating bank regulatory powers: Lender of last resort, deposit insurance and supervision. Basel, Switzerland: Bank for International Settlements, Monetary and Economic Dept., 2001.

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Book chapters on the topic "Lender of the last resort"

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Vollmer, Uwe. "Lender of Last Resort." In Encyclopedia of Law and Economics, 1290–94. New York, NY: Springer New York, 2019. http://dx.doi.org/10.1007/978-1-4614-7753-2_75.

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Vollmer, Uwe. "Lender of Last Resort." In Encyclopedia of Law and Economics, 1–6. New York, NY: Springer New York, 2014. http://dx.doi.org/10.1007/978-1-4614-7883-6_75-1.

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Kindleberger, Charles P., and Peter L. Bernstein. "The Lender of Last Resort." In Manias, Panics and Crashes, 161–78. London: Palgrave Macmillan UK, 2000. http://dx.doi.org/10.1057/9780230536753_10.

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Kindleberger, Charles P. "The Lender of Last Resort." In Manias, Panics and Crashes, 146–63. London: Palgrave Macmillan UK, 1996. http://dx.doi.org/10.1007/978-1-349-25126-1_10.

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Kindleberger, Charles P. "The Lender of Last Resort." In Manias, Panics, and Crashes, 178–200. London: Palgrave Macmillan UK, 1989. http://dx.doi.org/10.1007/978-1-349-20319-2_9.

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Kindleberger, Charles P., and Peter L. Bernstein. "The International Lender of Last Resort." In Manias, Panics and Crashes, 179–206. London: Palgrave Macmillan UK, 2000. http://dx.doi.org/10.1057/9780230536753_11.

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Kindleberger, Charles P. "The International Lender of Last Resort." In Manias, Panics and Crashes, 164–89. London: Palgrave Macmillan UK, 1996. http://dx.doi.org/10.1007/978-1-349-25126-1_11.

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Kindleberger, Charles P. "The International Lender of Last Resort." In Manias, Panics, and Crashes, 201–31. London: Palgrave Macmillan UK, 1989. http://dx.doi.org/10.1007/978-1-349-20319-2_10.

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Aliber, Robert Z., and Charles P. Kindleberger. "The Domestic Lender of Last Resort." In Manias, Panics, and Crashes, 260–78. London: Palgrave Macmillan UK, 2015. http://dx.doi.org/10.1007/978-1-137-52574-1_13.

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Aliber, Robert Z., and Charles P. Kindleberger. "The International Lender of Last Resort." In Manias, Panics, and Crashes, 279–312. London: Palgrave Macmillan UK, 2015. http://dx.doi.org/10.1007/978-1-137-52574-1_14.

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Conference papers on the topic "Lender of the last resort"

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Maward, Imroni, and Tika Widiastuti. "Lender of the Last Resort of Islamic Microfinance Institutions." In 1st International Conference on Islamic Ecnomics, Business and Philanthropy. SCITEPRESS - Science and Technology Publications, 2017. http://dx.doi.org/10.5220/0007088907340739.

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Kaya, Zekayi, and Erkan Tokucu. "Developments in Monetary Policies before and after the Recent Financial Crisis and the Change in the Role of Central Banks." In International Conference on Eurasian Economies. Eurasian Economists Association, 2014. http://dx.doi.org/10.36880/c05.00899.

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During the historical process, application of the monetary policies and the roles of the central banks have changed within the framework of the developments in the world economy, problems encountered and the economic policies as a solution to these problems. The financial crises after 1990 and the recent financial crisis as the biggest experienced one after 1930s, caused an increase in the importance of the task of providing financial stability besides price stability and in this context in the function of “lender of last resort” of the central bank. The crisis required using new policy instruments in addition to interest rate instrument which was not sufficient enough in providing financial stability and the roles of the central banks in providing financial stability changed. In this study, applications of monetary policies and the changing role of the central banks will be examined. Within this framework, traditional and non-traditional instruments will be explained and the problems that can be confronted by a central bank when providing price stability besides financial stability will be remarked.

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Buchanan, George. "A publisher of last resort." In the 2007 conference. New York, New York, USA: ACM Press, 2007. http://dx.doi.org/10.1145/1255175.1255274.

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Serafini, Marco, and Flavio Junqueira. "Weak consistency as a last resort." In the 4th International Workshop. New York, New York, USA: ACM Press, 2010. http://dx.doi.org/10.1145/1859184.1859198.

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Linebarger, Marcia C., Lewis M. Norton, and Deborah A. Dahl. "A portable approach to last resort parsing and interpretation." In the workshop. Morristown, NJ, USA: Association for Computational Linguistics, 1993. http://dx.doi.org/10.3115/1075671.1075678.

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Wells, Lars M., and Armin W. Doerry. "Synthetic aperture radar: not just a sensor of last resort." In AeroSense 2003, edited by Arthur A. Andraitis, Jerry D. Greer, and Gerard J. Leygraaf. SPIE, 2003. http://dx.doi.org/10.1117/12.487282.

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Costa, M., C. Macedo, A. Amaro, C. Agostinho, M. Ferreira, N. Almeida, and P. Figueiredo. "Intra-Operative Enteroscopy: A Last Resort in Small Bowel Bleeding." In ESGE Days 2021. Georg Thieme Verlag KG, 2021. http://dx.doi.org/10.1055/s-0041-1724605.

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Wang, Yi, Junwei Yang, Pei Bie, Mingxing Wu, and Wenxuan Li. "Provider of Last Resort Mechanism and its Development Path in Guangdong." In 2019 IEEE Sustainable Power and Energy Conference (iSPEC). IEEE, 2019. http://dx.doi.org/10.1109/ispec48194.2019.8975327.

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Sandhaus, T., E. Seiz, M. Steinert, and T. Doenst. "Packing of the Chest as Last Resort to Control Bleeding in Thoracic Surgery." In 50th Annual Meeting of the German Society for Thoracic and Cardiovascular Surgery (DGTHG). Georg Thieme Verlag KG, 2021. http://dx.doi.org/10.1055/s-0041-1725786.

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Li, Yongbo, Hanhan Qian, Jing Li, Zhemin Lin, Kai Wang, and Jiejie Huang. "Investigation of Last Resort Service in Overseas Retail Electricity Market and Suggestion to Domestic Provincial Retail Market." In 2019 6th International Conference on Systems and Informatics (ICSAI). IEEE, 2019. http://dx.doi.org/10.1109/icsai48974.2019.9010554.

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Reports on the topic "Lender of the last resort"

1

Bordo, Michael. The Lender of Last Resort: Some Historical Insights. Cambridge, MA: National Bureau of Economic Research, June 1989. http://dx.doi.org/10.3386/w3011.

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Grossman, Richard, and Hugh Rockoff. Fighting the Last War: Economists on the Lender of Last Resort. Cambridge, MA: National Bureau of Economic Research, January 2015. http://dx.doi.org/10.3386/w20832.

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Jeanne, Olivier, and Charles Wyplosz. The International Lender of Last Resort: How Large is Large Enough? Cambridge, MA: National Bureau of Economic Research, July 2001. http://dx.doi.org/10.3386/w8381.

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Wheelock, David C., and Mark A. Carlson. The Lender of Last Resort: Lessons from the Fed's First 100 Years. Federal Reserve Bank of St. Louis, 2012. http://dx.doi.org/10.20955/wp.2012.056.

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Bordo, Michael D., and David C. Wheelock. The Promise and Performance of the Federal Reserve as Lender of Last Resort 1914-1933. Federal Reserve Bank of St. Louis, 2010. http://dx.doi.org/10.20955/wp.2010.036.

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Bordo, Michael, and David Wheelock. The Promise and Performance of the Federal Reserve as Lender of Last Resort 1914-1933. Cambridge, MA: National Bureau of Economic Research, February 2011. http://dx.doi.org/10.3386/w16763.

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Calvo, Guillermo. Monetary Policy Challenges in Emerging Markets: Sudden Stop, Liability Dollarization, and Lender of Last Resort. Cambridge, MA: National Bureau of Economic Research, December 2006. http://dx.doi.org/10.3386/w12788.

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Bernstein, Asaf, Eric Hughson, and Marc Weidenmier. Can a Lender of Last Resort Stabilize Financial Markets? Lessons from the Founding of the Fed. Cambridge, MA: National Bureau of Economic Research, October 2008. http://dx.doi.org/10.3386/w14422.

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Le Maux, Laurent. Bagehot for Central Bankers. Institute for New Economic Thinking Working Paper Series, February 2021. http://dx.doi.org/10.36687/inetwp147.

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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 of lender of last resort. Nonetheless, without a clear understanding of the theoretical grounds and the institutional features of the British banking system, any interpretation of Bagehot’s writings remains vague if not misleading—which is worrisome if they are supposed to provide a guideline for policy makers. The purpose of the present paper is to determine whether Bagehot’s recommendation remains relevant for modern central bankers or whether it was indigenous to the monetary and banking architecture of Victorian times.

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Garthwaite, Craig, Tal Gross, and Matthew Notowidigdo. Hospitals as Insurers of Last Resort. Cambridge, MA: National Bureau of Economic Research, June 2015. http://dx.doi.org/10.3386/w21290.

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