The International Lender of Last Resort: How Large is Large Enough?

Olivier Jeanne and Charles Wyplosz

No 8381, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: This paper considers how an international lender of last resort (LOLR) can prevent self-fulfilling banking and currency crises in emerging economies. We compare two different arrangements: one in which the international LOLR injects liquidity into international financial markets, and one in which its resources are used to back domestic banking safety nets. Both arrangements would require important changes in the global financial architecture: the first one would require a global central bank issuing an international currency, while the second one would have to be operated by an 'international banking fund' closely involved in the supervision of domestic banking systems.

JEL-codes: F32 F33 (search for similar items in EconPapers)
Date: 2001-07
New Economics Papers: this item is included in nep-ifn
Note: IFM
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Citations: View citations in EconPapers (45)

Published as The International Lender of Last Resort. How Large Is Large Enough? , Olivier Jeanne, Charles Wyplosz. in Managing Currency Crises in Emerging Markets , Dooley and Frankel. 2003
Published as Olivier Jeanne, 2001. "The International Lender of Last Resort: How Large is Large Enought?," IMF Working Papers, vol 01(76).

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Chapter: The International Lender of Last Resort. How Large Is Large Enough? (2003)
Working Paper: The International Lender of Last Resort: How Large is Large Enough? (2001)
Working Paper: The International Lender of Last Resort: How Large is Large Enought? (2001)
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