TY  - JOUR
AU  - Jeanne, Olivier
AU  - Wyplosz, Charles
TI  - The International Lender of Last Resort: How Large is Large Enough?
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 8381
PY  - 2001
Y2  - July 2001
DO  - 10.3386/w8381
UR  - http://www.nber.org/papers/w8381
L1  - http://www.nber.org/papers/w8381.pdf
N1  - Author contact info:
Olivier Jeanne
Department of Economics
Johns Hopkins University
582 Wyman Bldg.
3400 N. Charles Street
Baltimore, MD 21218
Tel: 410/516-7604
Fax: 410/516-7600
E-Mail: ojeanne@jhu.edu

Charles Wyplosz
Graduate Institute of International Studies
Avenue de la Paix 11a
1202 Geneva
Switzerland
Tel: 41 22 908 5946
Fax: 41 22 733 3049
E-Mail: charles.wyplosz@graduateinstitute.ch
M1  - published as Olivier Jeanne, Charles Wyplosz. "The International Lender of Last Resort. How Large Is Large Enough?," in Michael P. Dooley and Jeffrey A. Frankel, editors, "Managing Currency Crises in Emerging Markets" University of Chicago Press (2003)

AB  - This paper considers how an international lender of last resort (LOLR) can prevent self-fulfilling banking and currency crises in emerging economies. We compare two different arrangements: one in which the international LOLR injects liquidity into international financial markets, and one in which its resources are used to back domestic banking safety nets. Both arrangements would require important changes in the global financial architecture: the first one  would require a global central bank issuing an international currency, while the second one would have to be operated by an 'international banking fund' closely involved in the supervision of domestic banking systems.
ER  -