05854oam 22014174 450 991096191630332120250426110748.0978661284165197814623840441462384048978145270770914527077079781451870725145187072897812828416591282841653(CKB)3170000000055113(EBL)1608024(SSID)ssj0000943312(PQKBManifestationID)11479833(PQKBTitleCode)TC0000943312(PQKBWorkID)10975392(PQKB)10085611(OCoLC)762895006(IMF)WPIEE2008214(MiAaPQ)EBC1608024(IMF)WPIEA2008214WPIEA2008214(EXLCZ)99317000000005511320020129d2008 uf 0engur|n|---|||||txtccrThe Eastern Caribbean Central Bank : Challenges to an Effective Lender of Last Resort /Pablo Druck, Mario Dehesa1st ed.Washington, D.C. :International Monetary Fund,2008.1 online resource (20 p.)IMF Working PapersIMF working paper ;WP/08/214Description based upon print version of record.9781451915259 145191525X Includes bibliographical references.Contents; I. Introduction; II. The LOLR Facility and its Monetary Effects; III. The ECCB's Institutional Architecture; IV. The Model; Tables; 1. Numerical Simulation of the Liquidity Assistance Model (Two Countries); Box; 1. The CFA Franc Arrangement; V. Conclusions; 2. Liquidity Assistance Model-Including Foreign Credit Line (FCL) (Two Countries); ReferencesThe paper analyzes the challenges for the Eastern Caribbean Central Bank (ECCB) to be an effective lender of last resort (LOLR) as part of a modern banking crisis resolution framework. The main results from the theoretical model of the ECCB's institutional arrangement are that the majority of currency union members may veto emergency lending in the case of a member-specific shock, as such lending may endanger the stability of the currency board (by lowering the central bank's international reserves, thus raising devaluation risk). However, in the presence of contagion across countries, all currency union members have a vested interest in liquidity supply from the central bank. A key policy recommendation is that currency union members need a stronger fiscal position to continue to access international financial markets and sustain the exchange rate peg.IMF Working Papers; Working Paper ;No. 2008/214Lenders of last resortCaribbean AreaEconometric modelsBanks and bankingCaribbean AreaEconometric modelsFinancial crisesCaribbean AreaEconometric modelsBankingimfBanks and BankingimfBanks and bankingimfBanksimfCapital and Ownership StructureimfDepository InstitutionsimfEconomic & financial crises & disastersimfEconomicsimfExchange rate riskimfExports and ImportsimfFinanceimfFinance: GeneralimfFinancial Aspects of Economic IntegrationimfFinancial Institutions and Services: Government Policy and RegulationimfFinancial Risk and Risk ManagementimfFinancial Risk ManagementimfFinancial risk managementimfFinancial services law & regulationimfFinancing PolicyimfGoodwillimfInternational economicsimfInvestment DecisionsimfLender of last resortimfLiquidityimfMicro Finance InstitutionsimfMonetary unionsimfMortgagesimfPortfolio ChoiceimfValue of FirmsimfBulgariaimfLenders of last resortEconometric models.Banks and bankingEconometric models.Financial crisesEconometric models.BankingBanks and BankingBanks and bankingBanksCapital and Ownership StructureDepository InstitutionsEconomic & financial crises & disastersEconomicsExchange rate riskExports and ImportsFinanceFinance: GeneralFinancial Aspects of Economic IntegrationFinancial Institutions and Services: Government Policy and RegulationFinancial Risk and Risk ManagementFinancial Risk ManagementFinancial risk managementFinancial services law & regulationFinancing PolicyGoodwillInternational economicsInvestment DecisionsLender of last resortLiquidityMicro Finance InstitutionsMonetary unionsMortgagesPortfolio ChoiceValue of Firms332.11Druck Pablo1816009Dehesa Mario1816010DcWaIMFBOOK9910961916303321The Eastern Caribbean Central Bank4371652UNINA