Details

Autor(en) / Beteiligte

• Fischer, Stanley

Titel

On the Need for an International Lender of Last Resort

Ist Teil von

• The Journal of economic perspectives, 1999-10, Vol.13 (4), p.85-104

Ort / Verlag

Nashville, Tenn: American Economic Association

Erscheinungsjahr

1999

Link zum Volltext

Quelle

EBSCOhost Business Source Ultimate

Beschreibungen/Notizen

• Is there a useful function for an international lender of last resort (ILLR)--defined as crisis lender and crisis manager? Yes for international capital flows are excessively volatile and contagious, and because an ILLR can help mitigate the effects of this instability. I examine the Bagehot rules, and their applicability in an international context, focusing on the problem of moral hazard. I argue that a critical condition for the successful operation of an ILLR, a role that is to an important extent played by the IMF, is to ensure private sector involvement in the resolution of emerging market financial crises.