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Conference Paper
Lessons from the crash of '87: systemic issues
Garcia, Gillian (1988)
Proceedings , Paper 188

Speech
The Financial Crisis: perspectives from a decade on: remarks to the Administrative and Banking Law Committees of the Association of the Bar of the City of New York, New York City
Held, Michael (2017-11-15)
Remarks to the Administrative and Banking Law Committees of the Association of the Bar of the City of New York, New York City.
Speech

Working Paper
Central banks as lender of last resort: experiences during the 2007-2010 crisis and lessons for the future
Domanski, Dietrich; Moessner, Richhild; Nelson, William R. (2014-05-14)
During the 2007-2010 financial crisis, central banks accumulated a vast amount of experience in acting as lender of last resort. This paper reviews the various ways that central banks provided emergency liquidity assistance (ELA) during the crisis, and discusses issues for the design of ELA arising from that experience. In a number of ways, the emergency liquidity assistance since 2007 has largely adhered to Bagehot's dictums of lending freely against good collateral to solvent institutions at a penalty rate. But there were many exceptions to these rules. Those exceptions illuminate the ...
Finance and Economics Discussion Series , Paper 2014-110

Discussion Paper
Federal Reserve Liquidity Facilities Gross $22 Billion for U.S. Taxpayers
Abrahams, Michael (2012-11-07)
During the 2007-09 crisis, the Federal Reserve took many measures to mitigate disruptions in financial markets, including the introduction or expansion of liquidity facilities. Many studies have found that the Fed’s lending via the facilities helped stabilize financial markets. In addition, because the Fed’s loans were well collateralized and generally priced at a premium to the cost of funds, they had another, less widely noted benefit: they made money for U.S. taxpayers. In this post, I bring information together from various sources and time periods to show that the facilities ...
Liberty Street Economics , Paper 20121107

Conference Paper
Deposit insurance and lender-of-last-resort functions
Smith, Bruce D.; Sleet, Christopher (2000)
Proceedings

Report
Dealer financial conditions and lender-of-last resort facilities
Acharya, Viral V.; Fleming, Michael J.; Hrung, Warren B.; Sarkar, Asani (2014-05-01)
We examine the financial conditions of dealers that participated in two of the Federal Reserve?s lender-of-last-resort (LOLR) facilities--the Term Securities Lending Facility (TSLF) and the Primary Dealer Credit Facility (PDCF)--that provided liquidity against a range of assets during 2008-09. Dealers with lower equity returns and greater leverage prior to borrowing from the facilities were more likely to participate in the programs, borrow more, and--in the case of the TSLF--at higher bidding rates. Dealers with less liquid collateral on their balance sheets before the facilities were ...
Staff Reports , Paper 673

Conference Paper
Empirical evidence on the need for a lender of last resort
Furfine, Craig H. (2000)
Proceedings , Paper 674

Speech
Fixing wholesale funding to build a more stable financial system
Dudley, William (2013-02-01)
Remarks at the New York Bankers Association's 2013 Annual Meeting & Economic Forum, The Waldorf Astoria, New York City.
Speech

Discussion Paper
Crisis Chronicles: The Panic of 1825 and the Most Fantastic Financial Swindle of All Time
Narron, James; Morgan, Donald P. (2015-04-10)
Centered in London, the banking panic of 1825 has been called the first modern financial crisis, the first Latin American crisis, and the first emerging market crisis. And while the panic displayed many of the key elements of past crises we have covered?fluctuations in money growth, an investment bubble, a stock market crash, and bank runs?this crisis had its own twists, including a Bank of England that hesitated before stepping in as lender of last resort. But it is perhaps best known for an infamous bond market swindle surrounding an entirely made-up Central American principality. In this ...
Liberty Street Economics , Paper 20150410

Journal Article
Risk, insurance and central banking
Bisignano, Joseph; Motley, Brian (1982)
FRBSF Economic Letter

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