The International Lender of Last Resort

Charles P. Kindleberger and Peter L. Bernstein

Chapter 11 in Manias, Panics and Crashes, 2000, pp 179-206 from Palgrave Macmillan

Abstract: Abstract It follows from the international propagation of financial crises, from the efficacy under certain circumstances of lending in the last resort, and from the historical record about to be unfolded that a case can be made for an international lender of last resort. With no world government, no world central bank, and only weak international law, the question of where last-resort lending comes from is a crusial one. The historical record suggests the leading financial center of the world, often assisted by other countries. It suggests further that when there is no such lender, as in 1873, 1890, and 1931, depression following financial crisis is long and drawn out—this, in contrast to episodes when there is one and crisis passes like a summer storm. The hypothesis, it should be noted, does not go unchallenged.

Date: 2000
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-53675-3_11

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DOI: 10.1057/9780230536753_11

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