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"Enemy of none but a common friend of all"? : an international perspective on the lender-of-last-resort function.
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ISBN: 0881651214 9780881651218 Year: 1999 Volume: 214 Publisher: Princeton (N.J.) Princeton university. Department of economics. International finance section


Book
The age of central banks
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ISBN: 9780857932136 0857932136 Year: 2011 Publisher: Cheltenham Edward Elgar

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Curzio Giannini's history of the evolution of central banks illustrates how the most relevant institutional developments have taken place at times of widespread confidence crises and in response to deflationary pressures.


Book
Enemy of None But a Common Friend of All? An International Perspectiveon the Lender-Of-Last-Resort Function
Author:
ISBN: 1462373305 1452750300 1281092835 1451890834 9786613775887 Year: 1999 Publisher: Washington, D.C. : International Monetary Fund,

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The paper explores whether and how national lender-of-last-resort practices can be adapted internationally. Nationally, the effectiveness of such practices is based on a blend of resource availability, technical discretion as to the conditions attached, ex ante supervision, and powers of enforcement. Some features of the international environment, however, make it difficult to replicate this structure, which may explain why recent large-scale rescue packages have worked less than satisfactorily. Private contingent credit facilities and IMF lending into arrears in the context of internationally approved, temporary moratoria on foreign debt may nonetheless offer some scope for effective, although limited in aims and resources, international liquidity support, but this would require amending the IMF’s Articles of Agreement.


Digital
Enemy of none but a common friend of all? An international perspective on the lender-of-last-resort function
Author:
Year: 1998 Publisher: Roma

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Book
Confidence costs and the institutional genesis of central banks
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Year: 1974 Publisher: Roma Banca d'Italia

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Keywords

Private finance


Book
The age of central banks
Author:
ISBN: 1283255146 9786613255143 0857932144 Year: 2011 Publisher: Cheltenham, UK ; Northampton, MA : Edward Elgar Pub.,

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Curzio Giannini's history of the evolution of central banks illustrates how the most relevant institutional developments have taken place at times of widespread confidence crises and in response to deflationary pressures. The eminent and highly-renowned author provides an analytical perspective to study the evolution of central banking as an endogenous response to crisis and to the ever increasing needs of economic growth. The key argument of the analysis is that crucial innovations in the payment technology (from the invention of coinage to the development of electronic money) could not have


Book
Bedfellows, Hostages, or Perfect Strangers? Global Capital Markets and the Catalytic Effect of IMF Crisis Lending
Authors: ---
ISBN: 1462377092 1452774390 1282108123 9786613801470 1451905181 Year: 2002 Publisher: Washington, D.C. : International Monetary Fund,

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During the 1990s, the concept of "catalytic official finance" (COF) gained prominence in policy debates. The concept revolves around the idea that the propensity of investors to lend to a country increases when the IMF provides its "seal of approval"-backed up by only limited official financing-on the country's economic program. COF aims at avoiding, on the one hand, the massive use of public money to bail out private investors; on the other, the recourse to coercive bailing-in mechanisms. The paper concludes that COF, while possibly useful in other contexts, is less reliable when used to manage capital account crises.


Book
Inflation, Credibility, and the Role of the International Monetary Fund
Authors: ---
ISBN: 1462320953 1455278033 1451969333 Year: 1998 Publisher: Washington, D.C. : International Monetary Fund,

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This paper argues that many developing countries may find it difficult to buttress disinflation programs purely through the adoption of traditional credibility-enhancing devices (such as monetary anchors and central bank independence), owing to “technical problems” (for example, high instability of money demand, increased capital mobility) and an insufficient endowment of credibility in the political institutions. In these cases, borrowing credibility from an outside agency like the International Monetary Fund may be the most effective solution. The paper discusses the different options that would allow the Fund to support programs aimed not at external adjustment—the Fund’s traditional role—but at disinflation.


Book
Credibility without rules? Monetary frameworks in the Post-Bretton Woods era
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Year: 1997 Publisher: Roma

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Book
On the economics of interbank payment systems
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Year: 1993 Publisher: Roma Banca d'Italia

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