Eric Hughson, Marc Weidenmier, 28 November 2008

The current crisis raises serious questions about the role of a lender of last resort. This column provides historical insight into its importance. Such a lender is critical to containing crises, as demonstrated by the frequent autumn harvest financial crises in the US prior to the establishment of the Federal Reserve.

Javier Suarez, 27 March 2008

In a new CEPR Policy Insight, Javier Suarez proposes the creation of an Emergency Bank Debt Insurance Mechanism as an alternative to the massive lending of last resort operations undertaken by central banks since the start of the subprime crisis.

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