LEADER 05635oam 22013214 450 001 9910788345903321 005 20230721045653.0 010 $a1-4623-8404-8 010 $a1-4527-0770-7 010 $a1-4518-7072-8 010 $a1-282-84165-3 010 $a9786612841651 035 $a(CKB)3170000000055113 035 $a(EBL)1608024 035 $a(SSID)ssj0000943312 035 $a(PQKBManifestationID)11479833 035 $a(PQKBTitleCode)TC0000943312 035 $a(PQKBWorkID)10975392 035 $a(PQKB)10085611 035 $a(OCoLC)762895006 035 $a(MiAaPQ)EBC1608024 035 $a(IMF)WPIEE2008214 035 $a(EXLCZ)993170000000055113 100 $a20020129d2008 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 14$aThe Eastern Caribbean Central Bank : $eChallenges to an Effective Lender of Last Resort /$fPablo Druck, Mario Dehesa 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2008. 215 $a1 online resource (20 p.) 225 1 $aIMF Working Papers 225 0$aIMF working paper ;$vWP/08/214 300 $aDescription based upon print version of record. 311 $a1-4519-1525-X 320 $aIncludes bibliographical references. 327 $aContents; 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); References 330 3 $aThe paper analyzes the challenges for the Eastern Caribbean Central Bank (ECCB) to be an effective lender of last resort (LOLR) as part of a modern banking crisis resolution framework. The main results from the theoretical model of the ECCB's institutional arrangement are that the majority of currency union members may veto emergency lending in the case of a member-specific shock, as such lending may endanger the stability of the currency board (by lowering the central bank's international reserves, thus raising devaluation risk). However, in the presence of contagion across countries, all currency union members have a vested interest in liquidity supply from the central bank. A key policy recommendation is that currency union members need a stronger fiscal position to continue to access international financial markets and sustain the exchange rate peg. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2008/214 606 $aLenders of last resort$zCaribbean Area$xEconometric models 606 $aBanks and banking$zCaribbean Area$xEconometric models 606 $aFinancial crises$zCaribbean Area$xEconometric models 606 $aBanks and Banking$2imf 606 $aExports and Imports$2imf 606 $aFinance: General$2imf 606 $aFinancial Risk Management$2imf 606 $aPortfolio Choice$2imf 606 $aInvestment Decisions$2imf 606 $aBanks$2imf 606 $aDepository Institutions$2imf 606 $aMicro Finance Institutions$2imf 606 $aMortgages$2imf 606 $aFinancing Policy$2imf 606 $aFinancial Risk and Risk Management$2imf 606 $aCapital and Ownership Structure$2imf 606 $aValue of Firms$2imf 606 $aGoodwill$2imf 606 $aFinancial Aspects of Economic Integration$2imf 606 $aFinancial Institutions and Services: Government Policy and Regulation$2imf 606 $aFinance$2imf 606 $aBanking$2imf 606 $aFinancial services law & regulation$2imf 606 $aInternational economics$2imf 606 $aEconomic & financial crises & disasters$2imf 606 $aLiquidity$2imf 606 $aExchange rate risk$2imf 606 $aMonetary unions$2imf 606 $aLender of last resort$2imf 606 $aEconomics$2imf 606 $aBanks and banking$2imf 606 $aFinancial risk management$2imf 607 $aBulgaria$2imf 615 0$aLenders of last resort$xEconometric models. 615 0$aBanks and banking$xEconometric models. 615 0$aFinancial crises$xEconometric models. 615 7$aBanks and Banking 615 7$aExports and Imports 615 7$aFinance: General 615 7$aFinancial Risk Management 615 7$aPortfolio Choice 615 7$aInvestment Decisions 615 7$aBanks 615 7$aDepository Institutions 615 7$aMicro Finance Institutions 615 7$aMortgages 615 7$aFinancing Policy 615 7$aFinancial Risk and Risk Management 615 7$aCapital and Ownership Structure 615 7$aValue of Firms 615 7$aGoodwill 615 7$aFinancial Aspects of Economic Integration 615 7$aFinancial Institutions and Services: Government Policy and Regulation 615 7$aFinance 615 7$aBanking 615 7$aFinancial services law & regulation 615 7$aInternational economics 615 7$aEconomic & financial crises & disasters 615 7$aLiquidity 615 7$aExchange rate risk 615 7$aMonetary unions 615 7$aLender of last resort 615 7$aEconomics 615 7$aBanks and banking 615 7$aFinancial risk management 676 $a332.11 700 $aDruck$b Pablo$01493505 701 $aDehesa$b Mario$01472705 801 0$bDcWaIMF 906 $aBOOK 912 $a9910788345903321 996 $aThe Eastern Caribbean Central Bank$93716510 997 $aUNINA