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Dooley, Michael P. [Author]

Can Emerging Economy Central Banks Be Market-Makers of Last Resort?

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  • Media type: E-Book
  • Title: Can Emerging Economy Central Banks Be Market-Makers of Last Resort?
  • Contributor: Dooley, Michael P. [Author]
  • imprint: [S.l.]: SSRN, [2014]
  • Extent: 1 Online-Ressource (3 p)
  • Language: English
  • Origination:
  • Footnote: In: BIS Paper No. 79k
    Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments September 2014 erstellt
  • Description: Market-maker of last resort (MMLR) is not an extension of the lender of last resort (LOLR) function; it is a completely new role for the central bank. The implicit model behind the classical LOLR function is that credit markets are driven by trust in solvency of banks and non-bank intermediaries. When that trust evaporates, the central bank can step in and save the day. In some long-departed monetary system, this may have been the whole story.Full publication: "http://ssrn.com/abstract=2504682" target="_blank" Re-Thinking the Lender of Last Resort
  • Access State: Open Access