The Eastern Caribbean Central Bank: Challenges to An Effective Lender of Last Resort
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 majorit...
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| Main Author: | |
|---|---|
| Format: | Electronic eBook |
| Language: | English |
| Published: |
Washington, D.C
International Monetary Fund
2008
|
| Series: | IMF Working Papers
Working Paper No. 08/214 |
| Subjects: | |
| Online Access: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
| Summary: | 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 |
| Item Description: | Includes bibliographical references |
| Physical Description: | 1 Online-Ressource (18 p) |
| ISBN: | 1451870728 9781451870725 |
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| illustrated | Not Illustrated |
| index_date | 2024-07-03T20:13:25Z |
| indexdate | 2024-07-10T09:35:34Z |
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| record_format | marc |
| series2 | IMF Working Papers |
| spelling | Druck, Pablo Verfasser aut The Eastern Caribbean Central Bank Challenges to An Effective Lender of Last Resort Druck, Pablo Washington, D.C International Monetary Fund 2008 1 Online-Ressource (18 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 08/214 Includes bibliographical references 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 Online-Ausg Banks and banking Caribbean Area Econometric models Financial crises Caribbean Area Econometric models Lenders of last resort Caribbean Area Econometric models Eastern Caribbean Central Bank Electronic books Dehesa, Mario Sonstige oth http://elibrary.imf.org/view/IMF001/09592-9781451870725/09592-9781451870725/09592-9781451870725.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Druck, Pablo The Eastern Caribbean Central Bank Challenges to An Effective Lender of Last Resort Banks and banking Caribbean Area Econometric models Financial crises Caribbean Area Econometric models Lenders of last resort Caribbean Area Econometric models |
| title | The Eastern Caribbean Central Bank Challenges to An Effective Lender of Last Resort |
| title_auth | The Eastern Caribbean Central Bank Challenges to An Effective Lender of Last Resort |
| title_exact_search | The Eastern Caribbean Central Bank Challenges to An Effective Lender of Last Resort |
| title_exact_search_txtP | The Eastern Caribbean Central Bank Challenges to An Effective Lender of Last Resort |
| title_full | The Eastern Caribbean Central Bank Challenges to An Effective Lender of Last Resort Druck, Pablo |
| title_fullStr | The Eastern Caribbean Central Bank Challenges to An Effective Lender of Last Resort Druck, Pablo |
| title_full_unstemmed | The Eastern Caribbean Central Bank Challenges to An Effective Lender of Last Resort Druck, Pablo |
| title_short | The Eastern Caribbean Central Bank |
| title_sort | the eastern caribbean central bank challenges to an effective lender of last resort |
| title_sub | Challenges to An Effective Lender of Last Resort |
| topic | Banks and banking Caribbean Area Econometric models Financial crises Caribbean Area Econometric models Lenders of last resort Caribbean Area Econometric models |
| topic_facet | Banks and banking Caribbean Area Econometric models Financial crises Caribbean Area Econometric models Lenders of last resort Caribbean Area Econometric models |
| url | http://elibrary.imf.org/view/IMF001/09592-9781451870725/09592-9781451870725/09592-9781451870725.xml |
| work_keys_str_mv | AT druckpablo theeasterncaribbeancentralbankchallengestoaneffectivelenderoflastresort AT dehesamario theeasterncaribbeancentralbankchallengestoaneffectivelenderoflastresort |