English, Article, Journal or magazine article edition: A Simple Model of an International Lender of Last Resort Haizhou Huang; Charles Goodhart

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Physical Description
  • preprint
Language
  • English

Edition details

Title
  • A Simple Model of an International Lender of Last Resort
Author
  • Haizhou Huang
  • Charles Goodhart
Physical Description
  • preprint
Notes
  • This paper develops a simple model of an international lender of last resort (ILOLR). The World economy consists of many open economies, each with its own banking system and its own central bank which uses its reserves to manage a pegged exchange rate. The fragility of the banking system and the limited ability of a domestic cent-rate. The fragility of the banking system and the limited ability of a domestic central bank to provide international liquidity together can cause currency and banking crises.. An international interbank market can help an economy with the needed international liquidity, but this risk-sharing also comes with potential costs of international financial contagion. Such international contagious risk is much higher when there is an international interbank market than otherwise. An ILOLR can play a useful role in providing international liquidity and reducing international contagion.
  • RePEc:fmg:fmgdps:dp336
Language
  • English
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