| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP3221 |
| DP3221 The Use of Flow Analysis in Foreign Exchange: Explanatory Analysis | |
| Thomas Gehrig; Lukas Menkhoff | |
| 发表日期 | 2002-02-20 |
| 出版年 | 2002 |
| 语种 | 英语 |
| 摘要 | The classical doctrine of the Lender of Last Resort, elaborated by Thornton (1802) and Bagehot (1873), asserts that the Central Bank should lend to ?illiquid but solvent? banks under certain conditions. Several authors have argued that this view is now obsolete: when interbank markets are efficient, a solvent bank cannot be illiquid. This Paper provides a possible theoretical foundation for rescuing Bagehot?s view. Our theory does not rely on the multiplicity of equilibria that arises in classical models of bank runs. We build a model of banks? liquidity crises that possesses a unique Bayesian equilibrium. In this equilibrium, there is a positive probability that a solvent bank cannot find liquidity assistance in the market. We derive policy implications about banking regulation (solvency and liquidity ratios) and interventions of the Lender of Last Resort as well as on the disclosure policy of the Central Bank. |
| 主题 | Financial Economics |
| 关键词 | Central bank policy Interbank market Prudential regulation Liquidity ratio Solvency ratio transparency Prompt corrective action Orderly failure resolution Global games Supermodular games |
| URL | https://cepr.org/publications/dp3221 |
| 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/532246 |
| 推荐引用方式 GB/T 7714 | Thomas Gehrig,Lukas Menkhoff. DP3221 The Use of Flow Analysis in Foreign Exchange: Explanatory Analysis. 2002. |
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