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"Overview", in Global Economic Integration: Opportunities and Challenges. P. "Private and Public Supply of Liquidity", Journal of Political Economy, 106,1 (February), pp. , and Robert Keleher (1984). Borrower moral hazard is of much less concern than that on the investor side. 32Of course, in extremis the rules could be broken, as they were by the Bank of England in crises in the nineteenth century. "Prospects for Russian Stabilization in the Summer of 1993", in A.
10The classic reference is Diamond and Dybvig (1983). 220, November 2000 . While regulation extends across the board in the financial markets, as institutions become less critical to the operation of the payments system, the relative reliance on the provision of information to investors increases. Speeches Argentina and the IMFBrazil and the IMFUnited Kingdom and the IMFRepublic of Korea and the IMFMexico and the IMFRussian Federation and the IMFUnited States and the IMF Conditionality Special Data Dissemination Standard Gold in the IMF -- A Factsheet IMF Quotas -- A Factsheet IMF Surveillance -- A Factsheet Free Email Notification Receive emails when we post new items of interest to you.Subscribe or Modify your profile On the Need for an International Lender of Last Resort Stanley Fischer1 This is a slightly revised version of a paper prepared for delivery at the joint luncheon of the American Economic Association and the American Finance Association New York, January 3, 1999 The frequency, virulence, and global spread of financial crises in emerging market countries in the last five years -- Mexico in 1994, with the subsequent tequila contagion in Latin America and for a day or two in East Asia; East Asia in 1997 and 1998, with contagion spreading crisis within the region; Russia in 1998, to an extent itself affected by Asian contagion, with the Russian contagion spreading to Latin America in addition to eastern Europe and the rest of the former Soviet Union -- coupled with the Congressional debate in the United States over the increase in IMF quotas, has led to the most serious rethinking of the structure of the international financial system since the breakdown of the Bretton Woods system in 1971. There is first the crisis lender, the institution that provides the financing to deal with a crisis. All this is straightforward, provided the country has a floating exchange rate. "The International Liquidity Mismatch and the New Architecture'". Then the central bank can create the currency needed to deal with the panic, and at no first round cost to the taxpayer. E. Res.
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