Lender of last resort policy: What reforms are necessary?

Jorge Ponce

Journal of Financial Intermediation, 2010, vol. 19, issue 2, 188-206

Abstract: The Northern Rock bailout has raised concerns about the ability of current supervisory arrangements to deal with banking crises. This paper uses a formal model of a lender of last resort to derive policy implications regarding the optimal allocation of decision-making authority. Thereby, it contributes to the policy debate in the United Kingdom by proposing reforms to the current supervisory arrangements.

Date: 2010
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Working Paper: Lender of last resort policy: what reforms are necessary? (2008)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:jfinin:v:19:y:2010:i:2:p:188-206

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