An Assessment of Alternative Lender of Last Resort Schemes
نویسندگان
چکیده
منابع مشابه
Lender of Last Resort :
It has become commonplace in the current crisis to refer to the Federal Reserve as the economy’s lender of last resort (LLR). Typical is the observation of Glenn Hubbard, Hal Scott, and John Thornton (2009) that “Over many decades and especially in this financial crisis, the Fed has used its balance sheet to be a classical lender of last resort.” With all due respect to these authors and numero...
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The classical Bagehot’s conception of a Lender of Last Resort (LOLR) that lends to illiquid banks has been criticized on two grounds: on the one hand, the distinction between insolvency and illiquidity is not clear cut; on the other a fully collateralized repo market allows Central Banks to provide the adequate aggregated amount of liquidity and leave the responsibility of lending uncollaterali...
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In a recent clinical study, it’s proved a variable proportion (approximately 5-15%) of the general population of the patients with hypertension in treatment, which refer to the Centres of Excellence for the diagnosis and treatment hypertension, may be considered suffering from resistant hypertension [1]. It‘s evident that 5-15% of patients with hypertension, Whereas 20% of the Western populatio...
متن کاملBanking crises and the lender of last resort: How crucial is the role of information?
This article develops a model of bank runs and crises and analyses how the presence of a lender of last resort (LOLR) affects the solvency of the banking system. We obtain a one to one mapping from the depositors’ equilibrium strategy to an optimal contract prevailing in the economy. The study finds that the difference between a perfectly informed and an imperfectly informed LOLR can be crucial...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2002
ISSN: 1556-5068
DOI: 10.2139/ssrn.318141