Abstract
One of the many by-products of the international debt crisis has been renewed interest in the role of lending for last resort. Indeed, this is evidenced by at least three of the chapters in this volume alone, not to mention the seemingly endless proliferation of proposals and suggestions that we have seen since the summer of 1982. These proposals are reviewed by Shelagh Heffernan in Chapter 8 and so will not be considered here. Instead, my objective is to stand back from the action and consider the theoretical underpinnings of lending for last resort (LLR). This is timely because recent debate has confounded numerous issues linked to LLR and the concept has been stretched beyond the limits of intellectual endurance.
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© 1987 Zannis Res and Sima Motamen
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Beenstock, M. (1987). The Theory of Last Resort Lending. In: Res, Z., Motamen, S. (eds) International Debt and Central Banking in the 1980s. Studies in Banking and International Finance. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-08329-9_14
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DOI: https://doi.org/10.1007/978-1-349-08329-9_14
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-349-08331-2
Online ISBN: 978-1-349-08329-9
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