The Lessons of History

Robert Z. Aliber, Charles P. Kindleberger and Robert McCauley
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Robert Z. Aliber: University of Chicago
Charles P. Kindleberger: Massachusetts Institute of Technology

Chapter Chapter 15 in Manias, Panics, and Crashes, 2023, pp 373-388 from Springer

Abstract: Abstract Does it after all make a difference if there is no international lender of last resort? Based on a handful of cases before the Second World War, the absence of the lender of last resort does seem to make for a longer and deeper economic downturn after a crisis. However, the presence of the lender of last resort does not seem to forestall the crisis. Looking forward, the international lender of last resort faces challenges from the increasing weight of bond markets, and from politics. If central banks need to intervene jointly in bond markets, can they adapt the swap lines to this purpose? Can central banks continue to reconcile the politically possible and the economically stabilizing in a fracturing world?

Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-031-16008-0_15

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DOI: 10.1007/978-3-031-16008-0_15

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