Xavier Freixas, Bruno Parigi, 22 December 2008

This column argues that the financial crisis of 2007 and 2008 redefines the functions of the lender of last resort, placing it at the intersection of monetary policy, supervision and regulation of the banking industry, and the organisation of the interbank market.

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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