Journal of Financial Intermediation Vol. 19 No. 2 2010
Lender of last resort policy: What reforms are necessary?
Abstract
The Northern Rock bailout has raised concerns about the ability of current supervisory arrangements to deal with banking crises. This paper uses a formal model of a lender of last resort to derive policy implications regarding the optimal allocation of decision-making authority. Thereby, it contributes to the policy debate in the United Kingdom by proposing reforms to the current supervisory arrangements.
- DOI
- 10.1016/j.jfi.2009.09.002
- Volume
- 19
- Issue
- 2
- Pages
- 188-206
- Language
- en
- Sources
- bibtex:phds-export.bib openalex crossref