The Eastern Caribbean Central Bank : : Challenges to an Effective Lender of Last Resort / / Pablo Druck, Mario Dehesa
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| Autore: |
Druck Pablo
|
| Titolo: |
The Eastern Caribbean Central Bank : : Challenges to an Effective Lender of Last Resort / / Pablo Druck, Mario Dehesa
|
| Pubblicazione: | Washington, D.C. : , : International Monetary Fund, , 2008 |
| Edizione: | 1st ed. |
| Descrizione fisica: | 1 online resource (20 p.) |
| Disciplina: | 332.11 |
| Soggetto topico: | Lenders of last resort - Caribbean Area - Econometric models |
| Banks and banking - Caribbean Area - Econometric models | |
| Financial crises - Caribbean Area - Econometric models | |
| Banks and Banking | |
| Exports and Imports | |
| Finance: General | |
| Financial Risk Management | |
| Portfolio Choice | |
| Investment Decisions | |
| Banks | |
| Depository Institutions | |
| Micro Finance Institutions | |
| Mortgages | |
| Financing Policy | |
| Financial Risk and Risk Management | |
| Capital and Ownership Structure | |
| Value of Firms | |
| Goodwill | |
| Financial Aspects of Economic Integration | |
| Financial Institutions and Services: Government Policy and Regulation | |
| Finance | |
| Banking | |
| Financial services law & regulation | |
| International economics | |
| Economic & financial crises & disasters | |
| Liquidity | |
| Exchange rate risk | |
| Monetary unions | |
| Lender of last resort | |
| Economics | |
| Banks and banking | |
| Financial risk management | |
| Soggetto geografico: | Bulgaria |
| Altri autori: |
DehesaMario
|
| Note generali: | Description based upon print version of record. |
| Nota di bibliografia: | Includes bibliographical references. |
| Nota di contenuto: | 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); References |
| Sommario/riassunto: | The 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. |
| Titolo autorizzato: | The Eastern Caribbean Central Bank |
| ISBN: | 1-4623-8404-8 |
| 1-4527-0770-7 | |
| 1-4518-7072-8 | |
| 1-282-84165-3 | |
| 9786612841651 | |
| Formato: | Materiale a stampa  |
| Livello bibliografico | Monografia |
| Lingua di pubblicazione: | Inglese |
| Record Nr.: | 9910812132503321 |
| Lo trovi qui: | Univ. Federico II |
| Opac: | Controlla la disponibilità qui |
Serie:
IMF Working Papers; Working Paper ; ; No. 2008/214