Financial Crises, Contagion, and the Lender of Last Resort

A Reader

AvC. a. E. Goodhart,Charles Goodhart

Häftad, Engelska, 2002

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Beskrivning

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.

Produktinformation

Utgivningsdatum:2002-01-17
Mått:156 x 233 x 30 mm
Vikt:809 g
Format:Häftad
Språk:Engelska
Antal sidor:568
Förlag:OUP OXFORD
ISBN:9780199247219

Utforska kategorier

Internationell ekonomi inom Ekonomi och Ledarskap
Finansiering inom Ekonomi och Ledarskap
Makroekonomi inom Ekonomi och Ledarskap

Mer om författaren

Charles Goodhart is Professor of Banking and Finance at the London School of Economics and Political Science. Prior to this he was Chief Adviser at the Bank of England (1980 to 1985).Gerhard Illing is Professor of Macroeconomics at the University of Munich.

Recensioner i media

... editors known for their remarkable work in the fields of monetary theory and policy ... very instructive introduction ... I can warmly recommend this book.

Innehållsförteckning

3. AN ENQUIRY INTO THE NATURE AND EFFECTS OF THE PAPER CREDIT OF GREAT BRITAIN (EXCERPTS) ; 8. FINANCIAL DEREGULATION, MONETARY POLICY, AND CENTRAL BANKING ; 14. SYSTEMIC RISK IN BANKING: A SURVEY ; 20. CAN THERE BE AN INTERNATIONAL LENDER OF LAST RESORT?

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