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Working Paper

Lessons of the Past and Prospects for the Future in Lender of Last Resort Theory

A history of the changes in the theory of the role of the lender of last resort-as a source of solvency versus liquidity support-and a discussion of the distinction between necessity and convenience (the American and European versions of lender of last resort theory) in mounting rescue operations through the central bank.

Suggested Citation

Todd, Walker. 1988. “Lessons of the Past and Prospects for the Future in Lender of Last Resort Theory.” Federal Reserve Bank of Cleveland, Working Paper No. 88-05.