Working Paper
Lessons of the past and prospects for the future in lender of last resort theory
Abstract: A history of the changes in the theory of the role of the lender of last resort--as a source of solvency versus liquidity support--and a discussion of the distinction between necessity and convenience (the American and European versions of lender of last resort theory) in mounting rescue operations through the central bank.
Keywords: Discount window; Banks and banking, Central; Federal Reserve System - History; lenders of last resort;
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Bibliographic Information
Provider: Federal Reserve Bank of Cleveland
Part of Series: Working Papers (Old Series)
Publication Date: 1988
Number: 8805