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International Lending of Last Resort in Historical and Theoretical Perspectives: Introduction
- Source :
- Jahrbuch für Wirtschaftsgeschichte, Vol 63, Iss 2, Pp 303-310 (2022)
- Publication Year :
- 2022
- Publisher :
- De Gruyter, 2022.
-
Abstract
- This paper provides an introduction to the special issue on international lending of last resort. Starting from debates about rescue operations and unconventional policies of major central banks in the contexts of the Global Financial Crisis and the European Debt Crisis, it draws attention to recurring controversies about trade-offs between averting critical contagion in financial markets and avoiding moral hazard. The need for international lending of last resort in strongly interconnected financial systems is more than ever evident, but there is no clear consensus on how to manage it. The contributions to this special issue put relevant issues in historical and theoretical perspectives.
Details
- Language :
- German, English
- ISSN :
- 00752800 and 21966842
- Volume :
- 63
- Issue :
- 2
- Database :
- Directory of Open Access Journals
- Journal :
- Jahrbuch für Wirtschaftsgeschichte
- Publication Type :
- Academic Journal
- Accession number :
- edsdoj.142d7a0505ca48cea632bf1268136fbf
- Document Type :
- article
- Full Text :
- https://doi.org/10.1515/jbwg-2022-0011