المستودع الأكاديمي جامعة المدينة

Coordination failures and the lender of last resort : was Bagehot right after all?

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dc.creator Rochet, Jean-Charles
dc.creator Vives, Xavier
dc.date 2002
dc.date.accessioned 2013-10-16T07:04:15Z
dc.date.available 2013-10-16T07:04:15Z
dc.date.issued 2013-10-16
dc.identifier http://hdl.handle.net/10419/19346
dc.identifier ppn:346910897
dc.identifier RePEc:zbw:hwwadp:26264
dc.identifier.uri http://koha.mediu.edu.my:8181/xmlui/handle/10419/19346
dc.description The classical doctrine of the Lender of Last Resort, elaborated by Thornton (1802) and Bagehot (1873), asserts that the Central Bank should lend to ?illiquid but solvent? banks under certain conditions. Several authors have argued that this view is now obsolete: when interbank markets are efficient, a solvent bank cannot be illiquid. This paper provides a possible theoretical foundation for rescuing Bagehot?s view. Our theory does not rely on the multiplicity of equilibria that arises in classical models of bank runs. We build a model of banks? liquidity crises that possesses a unique Bayesian equilibrium. In this equilibrium, there is a positive probability that a solvent bank cannot find liquidity assistance in the market. We derive policy implications about banking regulation (solvency and liquidity ratios) and interventions of the Lender of Last Resort as well as on the disclosure policy of the Central Bank.
dc.language eng
dc.publisher
dc.relation HWWA Discussion Paper 184
dc.rights http://www.econstor.eu/dspace/Nutzungsbedingungen
dc.subject ddc:330
dc.subject Central Bank policy
dc.subject interbank market
dc.subject prudential regulation
dc.subject liquidity ratio
dc.subject solvency ratio
dc.subject prompt corrective action
dc.subject global games
dc.subject Lender of Last Resort
dc.subject Bankenliquidität
dc.subject Theorie
dc.subject Supermodular games
dc.subject Walter Bagehot
dc.title Coordination failures and the lender of last resort : was Bagehot right after all?
dc.type doc-type:workingPaper


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