Financial Crises, Contagion, and the Lender of Last Resort
A Reader
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Product details:
- Publisher OUP Oxford
- Date of Publication 17 January 2002
- ISBN 9780199247219
- Binding Paperback
- No. of pages568 pages
- Size 233x156x30 mm
- Weight 809 g
- Language English
- Illustrations 4 figures 0
Categories
Short description:
Financial crises have become more frequent over the last two decades than they were previously. This book illuminates the fierce debate over how the monetary authorities should handle these crises by bringing together a selection of the best writings on the subject and by reflecting all viewpoints.
MoreLong description:
Financial crises, often of an apparently contagious nature, have become more frequent over the last two decades than they were previously. The monetary authorities, especially central banks, and, in the international context, the International Monetary Fund, have had to decide how to handle them. This has revived interest in the analysis of the role of a Lender of Last Resort (LOLR). On the one hand, such LOLR support actions have been accused of contributing to the currently increased frequency of (systemic) crises. By providing a safety net for banking activities, they are said to encourage excessive risk taking (moral hazard), thus provoking the very crises they are supposed to prevent. On the other hand, the (surprisingly) fast recovery experienced after (most of) these crises may, perhaps, be attributed to the safety net provided by LOLR facilities, which may have dampened real effects by containing contagion. Currently, the need for, and the appropriate design of, a LOLR both at the national and international level is hotly debated. There are fierce controversies about how to handle crisis management.
This book assembles a selection of the best available studies in this field, and illuminates both sides of the debate. After a substantial review of the literature, Part I Iooks back to the historical evolution of thought on the conduct of LOLR. Parts II and III review contemporary contributions to the debate. Part IV explores the international aspects of these issues. Overall, this Reader provides comprehensive and authoritative coverage of the contending views on how the authorities might respond to financial crises. It will appeal to a broad readership including financial and monetary economists, commentators on financial subjects, (central) bankers, financial regulators, and ministries of finance.
... editors known for their remarkable work in the fields of monetary theory and policy ... very instructive introduction ... I can warmly recommend this book.
Table of Contents:
Introduction
Lender of Last Resort---a Review of the Literature
An Enquiry into the Nature and Effects of the Paper Credit of Great Britain (excerpts)
A General View of Lombard Street (excerpts)
The Lender of Last Resort: a Historical Perspective
The Lender of Last Resort: Alternative Views and Historical Experience
The Central Banking Role of Clearinghouse Associations
Financial Deregulation, Monetary Policy, and Central Banking
Lender of Last Resort: a Contemporary Perspective
The Bagehot Problem
On the Lender of Last Resort
Financial Crises, Payment System Problems, and Discount Window Lending (excerpts)
Myths about the Lender of Last Resort
Systemic Risk in Banking: a Survey
Bank Runs, Deposit Insurance, and Liquidity
Optimal Currency Crises
Banking Panics: the Role of the First-Come, First-Served Rule and Information Externalities
Financial Contagion
Systemic Risk, Interbank Relations, and Liquidity Provision by the Central Bank
Can there Be an International Lender of Last Resort?
Earmarks of a Lender of Last Resort
Meltzer Report of the International Financial Institution Advisory Commission (excerpts)
The Asian Crisis: Lessons for Crisis Management and Prevention
On the Need for an International Lender of Last Resort
Pitfalls in International Crisis Lending
