The Lender of Last Resort Function after the Global Financial Crisis
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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. 2016/010
Subject:
Asset and liability management Banking Collateral Currencies Financial crises Financial institutions Financial regulation and supervision Lender of last resort Liquidity Liquidity risk Money
English
Publication Date:
January 22, 2016
ISBN/ISSN:
9781498355995/1018-5941
Stock No:
WPIEA2016010
Pages:
63
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