Implementing an international lender of last resort / Tobias Knedlik
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Implementing an international lender of last resort
Discovery
521006694
URN
urn:nbn:de:gbv:3:2-4237
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Publication history
Halle : Inst. für Wirtschaftsforschung, 2006
Content
Online-Ressource(Text, 135 KB)
Edition
Language
eng
Comment
Abstract
Current research discusses various general frameworks for installing an international lender of last resort (ILOLR). However, it remains unclear how the ILOLR should actually operate. This paper discusses six different options of construction of an ILOLR who supports central banks in the case of currency crises. The paper concludes that the cost efficient version of the ILOLR would be direct interventions by the IMF by the use of IMF resources and the right to dispose additional reserves from central banks. The paper considers measures of cost efficiency, such as cost of borrowing, intervention, and sterilization and moral hazard problems.
Series
IWH-Diskussionspapiere ; 2006,20 ppn:37244492X