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Central Bank Emergency Support to Securities Markets

Central Bank Emergency Support to Securities Markets »

Source: Central Bank Emergency Support to Securities Markets

Volume/Issue: 2017/152

Series: IMF Working Papers

Author(s): Darryl King , Luis Brandao-Marques , Kelly Eckhold , Peter Lindner , and Diarmuid Murphy

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 July 2017

ISBN: 9781484305850

Keywords: Liquidity, Central banks and their policies, Lender-of-last resort, market maker of last resort, fire sales, and financial stability, financial stability, Government Policy and Regulation

This paper considers the central bank mandate with respect to financial stability and identifies the links to the functioning of securities markets. It argues that while emergency support to securities markets is a...

A Simple Model of An International Lender of Last Resort

A Simple Model of An International Lender of Last Resort »

Source: A Simple Model of An International Lender of Last Resort

Volume/Issue: 2000/75

Series: IMF Working Papers

Author(s): Haizhou Huang , and C. Goodhart

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2000

ISBN: 9781451849721

Keywords: International lender of last resort, banking crisis, currency crisis, interbank market, banking, contagion, financial contagion

This paper develops a simple model of an international lender of last resort (ILOLR). The world economy consists of many open economies, each with a banking system and a central bank operating under a pegged exchan...

Emergency Liquidity Support Facilities

Emergency Liquidity Support Facilities »

Source: Emergency Liquidity Support Facilities

Volume/Issue: 2000/79

Series: IMF Working Papers

Author(s): Dong He

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2000

ISBN: 9781451850192

Keywords: Lender of Last Resort, Emergency Liquidity Support, central bank, banking, reserve bank, central banks, deposit insurance

This paper discusses operational aspects of official emergency liquidity support to individual institutions under stress. It argues that properly designed lending procedures, clearly laid-out authority and accounta...

The Eastern Caribbean Central Bank

The Eastern Caribbean Central Bank »

Source: The Eastern Caribbean Central Bank : Challenges to an Effective Lender of Last Resort

Volume/Issue: 2008/214

Series: IMF Working Papers

Author(s): Pablo Druck , and Mario Dehesa

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2008

ISBN: 9781451870725

Keywords: Lender of last resort, liquidity assistance, exchange rate risk, veto power, ECCB, central bank, exchange rate, currency boards, currency board

The paper analyzes the challenges for the Eastern Caribbean Central Bank (ECCB) to be an effective lender of last resort (LOLR) as part of a modern banking crisis resolution framework. The main results from the the...

Global Financial Crises

Global Financial Crises »

Source: Global Financial Crises : Institutions and Incentives

Volume/Issue: 2000/105

Series: IMF Working Papers

Author(s): Manmohan Kumar , Paul Masson , and Marcus Miller

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2000

ISBN: 9781451852813

Keywords: lender of last resort, financial crises, short-term debt, sovereign debt, liquidity crises, short term debt, moral hazard

Increasing emphasis has been placed on the need for an effective lender of last resort for sovereign states and on procedures for sovereign debt restructuring to help cope with global financial crises. Where privat...

Transparency and Ambiguity in Central Bank Safety Net Operations

Transparency and Ambiguity in Central Bank Safety Net Operations »

Source: Transparency and Ambiguity in Central Bank Safety Net Operations

Volume/Issue: 1997/138

Series: IMF Working Papers

Author(s): Charles Enoch

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 1997

ISBN: 9781451930115

Keywords: Safety nets, transparency, ambiguity, lender-of-last-resort, banking, deposit insurance, bank failure, banking sector, banking crisis

To mitigate the risks of contagion from problems arising in the banking sector, many countries operate some form of banking sector safety net. Such safety nets generally involve a judicious mixture of transparency...

Monetary Policy in the Presence of Islamic Banking

Monetary Policy in the Presence of Islamic Banking »

Source: Monetary Policy in the Presence of Islamic Banking

Volume/Issue: 2016/72

Series: IMF Working Papers

Author(s): Mariam El Hamiani Khatat

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 March 2016

ISBN: 9781475523942

Keywords: Islamic banks, dual financial systems, monetary policy, monetary transmission mechanism, monetary operations, Sukuk markets, lender of last resort.

This paper discusses key issues related to the conduct of monetary policy in countries that have Islamic banks. It describes the macrofinancial background and monetary policy frameworks where Islamic banks typicall...

A Model of the Lender of Last Resort

A Model of the Lender of Last Resort »

Source: A Model of the Lender of Last Resort

Volume/Issue: 1999/39

Series: IMF Working Papers

Author(s): Haizhou Huang , and C. Goodhart

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 1999

ISBN: 9781451845815

Keywords: Banking Crises, Financial Contagion, Moral Hazard, Lender of Last Resort, contagion, banking, bank size, banking system, bank failures

This paper develops a model of the lender of last resort. It provides an analytical basis for “too big too fail” and a rationale for “constructive ambiguity”. Key results are that if con...

Bank Bailouts

Bank Bailouts »

Source: Bank Bailouts : Moral Hazard vs. Value Effect

Volume/Issue: 1999/106

Series: IMF Working Papers

Author(s): Eduardo Levy Yeyati , and Tito Cordella

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 1999

ISBN: 9781451852875

Keywords: banks, risk, bailout, lender of last resort, value effect, moral hazard, deposit insurance, banking, bank managers, bank value

This paper shows that a central bank, by announcing and committing ex-ante to a bailout policy that is contingent on the realization of certain states of nature (for example on the occurrence of an adverse macroeco...

The Lender of Last Resort Function after the Global Financial Crisis

The Lender of Last Resort Function after the Global Financial Crisis »

Source: The Lender of Last Resort Function after the Global Financial Crisis

Volume/Issue: 2016/10

Series: IMF Working Papers

Author(s): Marc Dobler , Simon Gray , Diarmuid Murphy , and Bozena Radzewicz-Bak

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 January 2016

ISBN: 9781498355995

Keywords: collateral, risk control measures, market, lender, liquidity, central bank, Government Policy and Regulation, All Countries,, Lender of last resort, Central banks and their policies

The global financial crisis (GFC) has renewed interest in emergency liquidity support (sometimes referred to as “Lender of Last Resort”) provided by central banks to financial institutions and challenged the tradit...