Central Bank as a Lender of Last Resort: New Issues of the Monetary Policy Theory-Reference-Cited by-同舟云学术

Central Bank as a Lender of Last Resort: New Issues of the Monetary Policy Theory

Published:2010-12-20 Issue:12 Volume: Page:70-81
ISSN:0042-8736
Container-title:Voprosy Ekonomiki
language:
Short-container-title:Vopr. èkon.

Author:

Andryushin S.¹,Kuznetsova V.²

Affiliation:

1. Financial University under the Government of the Russian Federation; Institute of Economics, Russian Academy of Sciences

2. Lomonosov Moscow State University; Institute of Economics, Russian Academy of Sciences

Abstract

The article considers the problem of realization of central banks function of the lender of last resort in the situation of liquidity deficit. It shows that the classic definition of the last resort credits principles is not adequate to the tasks which central banks have to solve during liquidity crisis.

Publisher

NP Voprosy Ekonomiki

Subject

Economics and Econometrics,Finance

Reference11 articles.

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3. Caballero R., Krishnamurthy A. Musical Chairs: A Comment on the Credit Crisis // Banque de France Financial Stability Review: Special Issue on Liquidity. 2008. No 11. P. 9-11.

4. Cecchetti S. G., Disyatat P. Central Bank Tools and Liquidity Shortages // FRBNY Economic Policy Review. 2010. Aug. P. 29-42.

5. Davis E. P. Liquidity, Financial Crises, and the Lender of Last Resort - How Much of a Departure Is the Sub-Prime Crisis? / Paper presented at the Reserve Bank of Australia Conference on Lessons from the Financial Turmoil of 2007 and 2008. 2008, July 14-15.

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