Chapter 7 Lender-of-Last-Resort Issues—Past, Present, and Future
Author:
International Monetary Fund
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Language:
English
Print Publication Date:
26 Aug 1999
Keywords:
SEM; bank; central bank; bank regulator; certificate; consumer; bank supervisor; securities entitlement; e-money product; securities certificate; Securities; Government securities; Currencies; Capital flows; Global; East Asia; Europe; Western Europe; Middle East; bank capital; LOLR function; discount window; LOLR lending; gold standard bank; Lender of last resort; Gold; Liquidity; Solvency

Abstract

We are told that the phrase “lender of last resort” (LOLR) originated as a lawyer’s phrase.1 However, the term certainly does not aspire to legal precision: LOLR is “a term often used and less often defined.”2 This imprecision is understandable. The LOLR function has evolved with time, and today’s central banks face problems very different from those of the nineteenth and early twentieth centuries.

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Cover Current Developments in Monetary and Financial Law, Vol. 1
Current Developments in Monetary and Financial Law, Vol. 1
ISBN:
9781557757968
Publication Date:
26 Aug 1999
Publisher:
International Monetary Fund
DOI:
https://doi.org/10.5089/9781557757968.072
Pages:
656