International Lending of Last Resort in Historical and Theoretical Perspectives: Introduction

Trautwein Hans-Michael ()
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Trautwein Hans-Michael: Carl von Ossietzky Universität Oldenburg, FK II – VWL, D-26111 Oldenburg Germany

Jahrbuch für Wirtschaftsgeschichte / Economic History Yearbook, 2022, vol. 63, issue 2, 303-310

Abstract: This paper provides an introduction to the special issue on international lending of last resort. Starting from debates about rescue operations and unconventional policies of major central banks in the contexts of the Global Financial Crisis and the European Debt Crisis, it draws attention to recurring controversies about trade-offs between averting critical contagion in financial markets and avoiding moral hazard. The need for international lending of last resort in strongly interconnected financial systems is more than ever evident, but there is no clear consensus on how to manage it. The contributions to this special issue put relevant issues in historical and theoretical perspectives.

Keywords: financial crises; lending of last resort; monetary union; gold standard; central bank cooperation; Finanzkrisen; Kreditvergabe der letzten Instanz; Währungsunion; Goldstandard; Zentralbankkooperation (search for similar items in EconPapers)
JEL-codes: B E F G (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:bpj:jbwige:v:63:y:2022:i:2:p:303-310:n:8

DOI: 10.1515/jbwg-2022-0011

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