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Origins and Mission of the Federal Reserve
Bernanke, Ben S. - Princeton University Press
In 2012, Ben Bernanke, chairman of the U.S. Federal Reserve, gave a series of lectures about the Federal Reserve and the 2008 financial crisis, as part of a course at George Washington University on the role of the Federal Reserve in the economy. In this unusual event, Bernanke revealed...
Persistent link: https://www.econbiz.de/10010862620
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LIQUIDITY, RISK-TAKING, AND THE LENDER OF LAST RESORT
Repullo, Rafael - Centro de Estudios Monetarios y Financieros (CEMFI) - 2005
This paper studies the strategic interaction between a bank whose deposits are randomly withdrawn, and a lender of last resort (LLR) that bases its decision on supervisory information on the quality of the bank's assets. The bank is subject to a capital requirement and chooses the liquidity...
Persistent link: https://www.econbiz.de/10005264549
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R.G. Hawtrey on the national and international lender of last resort
Roches, Jerome de Boyer des; Rosales, Ricardo Solis - In: The European Journal of the History of Economic Thought 18 (2011) 2, pp. 175-202
This paper traces R.G. Hawtrey's main contributions to the theory of the lender of last resort (LLR), both national and … international (ILLR). This theory is a continuation of one of the traditions of the classical period, started by Henry Thornton … bases of a theory of ILLR, describing the sequence of twin crisis, exchange and banking crisis, thus explaining the …
Persistent link: https://www.econbiz.de/10009219768
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Assistance to Troubled Banks - Theory, Reality and Monetary Implications
Revenda, Zbyněk - In: Politická ekonomie 2014 (2014) 2, pp. 270-288
of commercial banks. The author compares theory against practice and, using the U.S. and the EMU as an example, analyses …
Persistent link: https://www.econbiz.de/10011228240
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Federal Reserve Liquidity Provision during the Financial Crisis of 2007–2009
Fleming, Michael J. - In: Annual Review of Financial Economics 4 (2012) 1, pp. 161-177
This review examines the Federal Reserve's (or Fed's) unprecedented liquidity provision during the financial crisis of 2007–2009. It first reviews how the Fed provides liquidity in normal times. It then explains how the Fed's new and expanded liquidity facilities were intended to enable the...
Persistent link: https://www.econbiz.de/10010603953
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Imperfect Competition in the Inter-Bank Market for Liquidity as a Rationale for Central Banking
Acharya, Viral V; Gromb, Denis; Yorulmazer, Tanju - C.E.P.R. Discussion Papers - 2008
We study liquidity transfers between banks through the interbank borrowing and asset sale markets when (i) surplus banks providing liquidity have market power, (ii) there are frictions in the lending market due to moral hazard, and (iii) assets are bank-specific. We show that when the outside...
Persistent link: https://www.econbiz.de/10005791217
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Liquidity, Risk-Taking and the Lender of Last Resort
Repullo, Rafael - C.E.P.R. Discussion Papers - 2005
This paper studies the strategic interaction between a bank whose deposits are randomly withdrawn, and a lender of last resort (LLR) that bases its decision on supervisory information on the quality of the bank’s assets. The bank is subject to a capital requirement and chooses the liquidity...
Persistent link: https://www.econbiz.de/10005791539
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Is monetary policy possible without an issuance function: the case of Montenegro
Fabris, Nikola; Kalezic, Zorica - In: International Journal of Economic Policy in Emerging … 1 (2008) 4, pp. 356-375
Since the end of 1999, Montenegro belongs to a group of dollarised economies. The process of dollarisation in Montenegro has had positive implications on economic performance. However, by renouncing the issuance function, the country gave up some significant monetary policy attributes. Since the...
Persistent link: https://www.econbiz.de/10008563437
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Is monetary policy possible without an issuance function: the case of Montenegro
Fabris, Nikola; Kalezic, Zorica - In: International Journal of Economic Policy in Emerging … 1 (2008) 4, pp. 356-375
Since the end of 1999, Montenegro belongs to a group of dollarised economies. The process of dollarisation in Montenegro has had positive implications on economic performance. However, by renouncing the issuance function, the country gave up some significant monetary policy attributes. Since the...
Persistent link: https://www.econbiz.de/10005543897
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Lender of last resort and the moral hazard problem
Niskanen, Mikko - Suomen Pankki - 2002
The paper considers a model in which limited liability causes an asset substitution problem for banks. The problem can at times become so severe that the current regulatory framework – based on a combination of effectively full deposit insurance, minimum capital requirements and prudential...
Persistent link: https://www.econbiz.de/10005423682