Abstract
The term ‘lender of last resort’ implies a degree of specificity that goes beyond what that function can legitimately claim. I have never seen, in visits to central banks, a door marked ‘lender-of-last-resort department,’ nor met a vice-president in charge of such an activity.
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Note
Under section 201.2(e) of Regulation A: ‘Federal Reserve credit is available to assist member banks in unusual and exigent circumstances such as may result from national, regional, or local difficulties, or from exceptional circumstances involving only a particular member bank.’
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© 1987 Palgrave Macmillan, a division of Macmillan Publishers Limited
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Wallich, H.C. (1987). Central Banks as Regulators and Lenders of Last Resort in an International Context: A View from the United States. In: Ciocca, P. (eds) Money and the Economy: Central Bankers’ Views. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-07927-8_13
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DOI: https://doi.org/10.1007/978-1-349-07927-8_13
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-349-07929-2
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