The lender of last resort

被引：20
|
作者：
Goodhart, CAE
Huang, HZ
机构：
[1] Univ London London Sch Econ & Polit Sci, Financial Markets Grp, London WC2A 2AE, England
[2] Int Monetary Fund, Res Dept, Washington, DC 20431 USA
来源：
JOURNAL OF BANKING & FINANCE | 2005年 / 29卷 / 05期
关键词：
lender of last resort; banking crises; financial contagion; moral hazard;
D O I：
10.1016/j.jbankfin.2003.11.003
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This paper develops a model of the lender of last resort (LOLR) from a Central Bank (CB) viewpoint. The model in a static setting suggests that the CB would only rescue banks which are above a threshold size, consistent with the insight of "too big to fail". In a dynamic setting, CB's optimal policy in liquidity support depends on the trade off between contagion and moral hazard effects. Our results show that contagion is the key factor affecting CB's incentives in providing LOLR and they also provide a rationalization for "constructive ambiguity". (C) 2004 Elsevier B.V. All rights reserved.
引用
收藏
页码：1059 / 1082
页数：24
相关论文
共 50 条
  • [1] Dating the Lender of Last Resort
    Rieder, Kilian
    Anson, Michael
    Bholat, David
    Thomas, Ryland
    [J]. ECONOMIC JOURNAL, 2023, 133 (652): : 1657 - 1676
  • [2] THE LENDER OF LAST RESORT IN THE EUROZONE
    Steinbach, Armin
    [J]. COMMON MARKET LAW REVIEW, 2016, 53 (02): : 361 - 383
  • [3] The lender of last resort reconsidered
    Wood, GE
    [J]. JOURNAL OF FINANCIAL SERVICES RESEARCH, 2000, 18 (2-3) : 203 - 227
  • [4] Searching for the lender of last resort
    Schmieding H.
    [J]. International Economics and Economic Policy, 2016, 13 (1) : 161 - 176
  • [5] The Lender of Last Resort Reconsidered
    Geoffrey E. Wood
    [J]. Journal of Financial Services Research, 2000, 18 : 203 - 227
  • [6] Willing lender of last resort
    Lubove, S
    [J]. FORBES, 1998, 162 (11): : 50 - 51
  • [7] Blueprint for an international lender of last resort
    Lerrick, A
    Meltzer, AH
    [J]. JOURNAL OF MONETARY ECONOMICS, 2003, 50 (01) : 289 - 303
  • [8] Tofacitinib Therapy, the Lender of Last Resort
    Rutka, Mariann
    Pigniczki, Daniella
    Molnar, Tamas
    [J]. JOURNAL OF CROHNS & COLITIS, 2021, 15 (04): : 694 - 694
  • [9] THE LENDER OF LAST RESORT IN THE WAKE OF THE CRASH
    GARCIA, G
    [J]. AMERICAN ECONOMIC REVIEW, 1989, 79 (02): : 151 - 155
  • [10] Lender of last resort in a monetary union
    Magnusson, Gylfi
    [J]. ICELANDIC REVIEW OF POLITICS & ADMINISTRATION, 2014, 10 (02):
12345