Implementing an International Lender of Last Resort

Arbeitspapier

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.

Angaben zum Objekt

• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Series: IWH Discussion Papers ; No. 20/2006

Klassifikation und Themen

• Klassifikation: Wirtschaft ; International Monetary Arrangements and Institutions ; International Economic Order and Integration
• Thema: International-Lender-of-Last-Resort ; Internationaler Währungsfonds ; Währungskrisen ; International Lender of Last Resort ; International Monetary Fund ; currency crises

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Knedlik, Tobias
• Ereignis: Veröffentlichung
• (wer): Leibniz-Institut für Wirtschaftsforschung Halle (IWH)
• (wo): Halle (Saale)
• (wann): 2006

Weitere Informationen

• Handle: http://hdl.handle.net/10419/23765
• URN: urn:nbn:de:gbv:3:2-4237
• Letzte Aktualisierung: 10.03.2025, 11:43 MEZ