LEADER 05854oam 22014174 450 001 9910961916303321 005 20250426110748.0 010 $a9786612841651 010 $a9781462384044 010 $a1462384048 010 $a9781452707709 010 $a1452707707 010 $a9781451870725 010 $a1451870728 010 $a9781282841659 010 $a1282841653 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(IMF)WPIEE2008214 035 $a(MiAaPQ)EBC1608024 035 $a(IMF)WPIEA2008214 035 $aWPIEA2008214 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 205 $a1st ed. 210 1$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 $aDescription based upon print version of record. 311 08$a9781451915259 311 08$a145191525X 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 $aBanking$2imf 606 $aBanks and Banking$2imf 606 $aBanks and banking$2imf 606 $aBanks$2imf 606 $aCapital and Ownership Structure$2imf 606 $aDepository Institutions$2imf 606 $aEconomic & financial crises & disasters$2imf 606 $aEconomics$2imf 606 $aExchange rate risk$2imf 606 $aExports and Imports$2imf 606 $aFinance$2imf 606 $aFinance: General$2imf 606 $aFinancial Aspects of Economic Integration$2imf 606 $aFinancial Institutions and Services: Government Policy and Regulation$2imf 606 $aFinancial Risk and Risk Management$2imf 606 $aFinancial Risk Management$2imf 606 $aFinancial risk management$2imf 606 $aFinancial services law & regulation$2imf 606 $aFinancing Policy$2imf 606 $aGoodwill$2imf 606 $aInternational economics$2imf 606 $aInvestment Decisions$2imf 606 $aLender of last resort$2imf 606 $aLiquidity$2imf 606 $aMicro Finance Institutions$2imf 606 $aMonetary unions$2imf 606 $aMortgages$2imf 606 $aPortfolio Choice$2imf 606 $aValue of Firms$2imf 607 $aBulgaria$2imf 615 0$aLenders of last resort$xEconometric models. 615 0$aBanks and banking$xEconometric models. 615 0$aFinancial crises$xEconometric models. 615 7$aBanking 615 7$aBanks and Banking 615 7$aBanks and banking 615 7$aBanks 615 7$aCapital and Ownership Structure 615 7$aDepository Institutions 615 7$aEconomic & financial crises & disasters 615 7$aEconomics 615 7$aExchange rate risk 615 7$aExports and Imports 615 7$aFinance 615 7$aFinance: General 615 7$aFinancial Aspects of Economic Integration 615 7$aFinancial Institutions and Services: Government Policy and Regulation 615 7$aFinancial Risk and Risk Management 615 7$aFinancial Risk Management 615 7$aFinancial risk management 615 7$aFinancial services law & regulation 615 7$aFinancing Policy 615 7$aGoodwill 615 7$aInternational economics 615 7$aInvestment Decisions 615 7$aLender of last resort 615 7$aLiquidity 615 7$aMicro Finance Institutions 615 7$aMonetary unions 615 7$aMortgages 615 7$aPortfolio Choice 615 7$aValue of Firms 676 $a332.11 700 $aDruck$b Pablo$01816009 701 $aDehesa$b Mario$01816010 801 0$bDcWaIMF 906 $aBOOK 912 $a9910961916303321 996 $aThe Eastern Caribbean Central Bank$94371652 997 $aUNINA