An exploration of the change in standards for Federal Reserve discount window access by nonbanks encompassed in the Federal Deposit Insurance Corporation Improvement Act of 1991 (FDICIA), concluding that although it retrenched the federal financial safety net for undercapitalized insured...

A description of the evolution of supervisory policy toward failing banks over the past two decades, with particular emphasis on the modifications to Federal Reserve Banks' discount window administration as set forth by the Federal Deposit Insurance Corporation Improvement Act of 1991 (FDICIA).

A history of the changes in the theory of the role of the lender of last resort--as a source of solvency versus liquidity support--and a discussion of the distinction between necessity and convenience (the American and European versions of lender of last resort theory) in mounting rescue...