Working Papers

1984

 

June 1984, No. 84-3

The Lender of Last Resort: A Historical Perspective

Thomas M. Humphrey and Robert E. Keleher

The current international debt situation has led some analysts to suggest the possibility of a scenario whereby international debt defaults quickly lead to severe strains on domestic commercial banks.  In this context, monetary and central bank policy become especially important.  And in such circumstances references are often made to the central bank lender of last resort function. 

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