| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP2882 |
| DP2882 Robustness of Adaptive Expectations as an Equilibrium Selection Device | |
| Timothy Van Zandt; Martin Lettau | |
| 发表日期 | 2001-07-18 |
| 出版年 | 2001 |
| 语种 | 英语 |
| 摘要 | This Paper considers how an international lender of last resort can prevent self-fulfilling banking and currency crises in emerging economies. We compare two different arrangements: one in which the international lender of last resort injects international liquidity into financial markets, and one in which its resources are used to back domestic banking safety nets. We argue that these arrangements have very different institutional implications: the first one implies an international lender of last resort with unlimited resources (a global central bank), while the second one could be operated by a limited ?international banking fund?. This fund, however, would have to be closely involved in the supervision of domestic banking systems. Both arrangements would require important changes in the global financial architecture. |
| 主题 | International Macroeconomics |
| 关键词 | Lender of last resort Bank runs Multiple equilibria Credit crunch Exchange rate regime Dollarization Deposit insurance Asian crisis International monetary fund |
| URL | https://cepr.org/publications/dp2882 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/531932 |
| 推荐引用方式 GB/T 7714 | Timothy Van Zandt,Martin Lettau. DP2882 Robustness of Adaptive Expectations as an Equilibrium Selection Device. 2001. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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