The current financial crisis has brought into sharper relief the fundamental role of
central banks as lender of last resort and raises the question of whether the tools they
have available are sufficient for confronting the challenges posed by modern liquidity
crises. This paper attempts to provide a prac
tical conceptual overview of these issues
highlighting, in particular, the need to dist
inguish between different types of liquidity
shortages before any general set of principles can be established with respect to how
the lender of last resort function should be conducted.
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