文章基本信息

标题：Optimal lender of last resort policy in different financial systems
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作者：Fecht, Falko ; Tyrell, Marcel
期刊名称：Discussion Paper / Series 1, Economic Studies / Deutsche Bundesbank
出版年度：2004
出版社：Deutsche Bundesbank
摘要：In a framework closely related to Diamond and Rajan (2001) we characterize different financial systems and analyze the welfare implications of different LOLR-policies in these financial systems. We show that in a bank-dominated financial system it is less likely that a LOLR-policy that follows the Bagehot rules is preferable. In financial systems with rather illiquid assets a discretionary individual liquidity assistance might be welfare improving, while in market-based financial systems, with rather liquid assets in the banks' balance sheets, emergency liquidity assistance provided freely to the market at a penalty rate is likely to be efficient. Thus, a "one size fits all"-approach that does not take the differences of financial systems into account is misguiding. --
关键词：Financial Crises; Lender of Last Resort; Comparing Financial Systems;