全球智库信息集成服务系统(G2TT): DP7365 Decision-making Procedures: A General Theory and Its Field Experimental Test

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP7365
	DP7365 Decision-making Procedures: A General Theory and Its Field Experimental Test
	Georg Kirchsteiger; Gani Aldashev; Alexander Sebald
发表日期	2009-07-12
出版年	2009
语种	英语
摘要	The recent financial crisis teaches important lessons regarding the lender-of-last resort function. Large swap lines extended in 2007-08 from the Federal Reserve to other central banks show that the classic concept of a national last-resort lender fails to address key vulnerabilities in a globalized financial system with multiple currencies. What system of emergency international financial support will best help to minimize the likelihood of future economic instability? Acting alongside national central banks, the International Monetary Fund has a key role to play in the constellation of lenders of last resort. As the income-level and institutional divergence between emerging and mature economies shrinks over time, the IMF may even evolve into a global last-resort lender that channels central bank liquidity where it is needed. The IMF?s effectiveness would be greatly enhanced by several complementary reforms in international financial governance, though some of these appear politically problematic at the present time.
主题	International Macroeconomics
关键词	Central banking Financial crisis International monetary fund International monetary system Lender of last resort
URL	https://cepr.org/publications/dp7365
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/536202
推荐引用方式 GB/T 7714	Georg Kirchsteiger,Gani Aldashev,Alexander Sebald. DP7365 Decision-making Procedures: A General Theory and Its Field Experimental Test. 2009.