Front Matter
Author:
Mr. Olivier D Jeanne
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Research Department

Authorized for distribution by Peter Isard

Contents

  • I. Introduction

  • II. The Asian Twin Crises: Some Stylized Facts

    • A. Maturity and Currency Mismatches

    • B. The Bust

    • C. Policy Responses

  • III. Model

    • A. The Linkage from the Currency Depreciation to Bank Runs

    • B. The Reverse Linkage

    • C. Multiple Equilibria

    • D. How Panics Depend on the Fundamentals

  • IV.The Limits of Monetary Policy

    • A. The Irrelevance of Interest Rates

    • B. Implications for Exchange Rate Regimes

  • V. The International LOLR

    • A. A Global Central Bank

    • B. An “International Banking Fund”

    • C. International Agency Problems

  • VI. Concluding Comments

  • Figures

  • Figure 1. Reserves and Short-Term Debt

  • Figure 2. Exchange Rates (1990–2000)

  • Figure 3. Money Market Interest Rates

  • Figure 4. Real GDP (1991=100)

  • Figure 5. The Vicious Spiral

  • Figure 6. Twin Crisis Equilibria

  • Figure 7. Discount-Window Lending

  • Figure 8. Guarantee on Dollar Deposits

  • Table 1

  • Appendix I

  • Appendix II

  • References

  • Collapse
  • Expand
The International Lender of Last Resort: How Large is Large Enought?
Author:
Mr. Olivier D Jeanne