Financial Crises, Contagion and the Lender of Last Resort
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Financial Crises, Contagion and the Lender of Last Resort by Charles Goodhart
Book DescriptionFinancial crises, often of an apparently contagious nature, have become more frequent over the last two decades than they were previously. The monetary authorities, especially central banks, and, in the international context, the International Monetary Fund, have had to decide how to handle them. This has revived interest in the analysis of the role of a Lender of Last Resort (LOLR). On the one hand, such LOLR support actions have been accused of contributing to the currently increased frequency of (systemic) crises. By providing a safety net for banking activities, they are said to encourage excessive risk taking (moral hazard), thus provoking the very crises they are supposed to prevent. On the other hand, the (surprisingly) fast recovery experienced after (most of) these crises may, perhaps, be attributed to the safety net provided by LOLR facilities, which may have dampened real effects by containing contagion. Currently, the need for, and the appropriate design of, a LOLR both at the national and international level is hotly debated. There are fierce controversies about how to handle crisis management. This book assembles a selection of the best available studies in this field, and illuminates both sides of the debate. After a substantial review of the literature, Part I Iooks back to the historical evolution of thought on the conduct of LOLR. Parts II and III review contemporary contributions to the debate. Part IV explores the international aspects of these issues. Overall, this Reader provides comprehensive and authoritative coverage of the contending views on how the authorities might respond to financial crises. It will appeal to a broad readership including financial and monetary economists, commentators on financial subjects, (central) bankers, financial regulators, and ministries of finance.
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Book DetailsISBN: 9780199247219
(233mm x 156mm x 30mm)
Imprint: Oxford University Press
Publisher: Oxford University Press
Publish Date: 17-Jan-2002
Country of Publication: United Kingdom
Books By Author Charles Goodhart
Central Banking at a Crossroads, Hardback (December 2014)
This book reflects on the innovations that central banks have introduced since the 2008 collapse of Lehman Brothers to improve their modes of intervention, regulation and resolution of financial markets and financial institutions.
Basel Committee on Banking Supervision, Hardback (August 2011)
A major contribution to the historical record on banking supervision.
Future of Central Banking, Paperback (June 2008)
Papers from the Bank of England's Tercentenary Symposium provide an authoritative account of the evolution of central banking and explore policy dilemmas.
House Prices and the Macroeconomy, Hardback (December 2006)» View all books by Charles Goodhart
The macroeconomic implications of asset price flucuations have received increasing attention in academic and policy circles recently, in large part due to the recent boom-bust bubbles in the equity and now housing markets. This book aims to investigate the role of asset prices for various aspects of the macroeconomy.
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Author Biography - Charles Goodhart
Charles Goodhart is Professor of Banking and Finance at the London School of Economics and Political Science. Prior to this he was Chief Adviser at the Bank of England (1980 to 1985). Gerhard Illing is Professor of Macroeconomics at the University of Munich.
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