The Lender of Last Resort Function after the Global Financial Crisis

Author/Editor:

Marc C Dobler ; Simon T Gray ; Diarmuid Murphy ; Bozena Radzewicz-Bak

Publication Date:

January 22, 2016

Electronic Access:

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Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary:

The global financial crisis (GFC) has renewed interest in emergency liquidity support (sometimes referred to as “Lender of Last Resort”) provided by central banks to financial institutions and challenged the traditional way of conducting these operations. Despite a vast literature on the topic, central bank approaches and practices vary considerably. In this paper we focus on, for the most part, the provision of idiosyncratic support, approaching it from an operational perspective; highlighting different approaches adopted by central banks; and also identifying some of the issues that arose during the GFC.

Series:

Working Paper No. 16/10

Subject:

English

Publication Date:

January 22, 2016

ISBN/ISSN:

9781498355995/1018-5941

Stock No:

WPIEA2016010

Price:

$18.00 (Academic Rate:$18.00)

Format:

Paper

Pages:

63

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