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Journal Article
Lenders of the next-to-last resort: scrip issue in Georgia during the Great Depression
anonymous (1990-09)
Economic Review , Issue Sep , Pages 16-30

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
How Liquidity Standards Can Improve Lending of Last Resort Policies
Santos, João A. C.; Suarez, Javier (2014-04-18)
Prior to the Great Recession, the focus of bank regulation was on bank capital with little consensus about the need for liquidity regulation. This view was in contrast with an existing body of academic research that pointed to inefficiencies in environments with strictly private provision of liquidity, via either interbank markets or credit line agreements. In spite of theoretical results pointing to the possible benefits of liquidity regulation for reducing fire sales in crises or the risk of panics due to coordination failures, a common view was that its costs might exceed its benefits, ...
Liberty Street Economics , Paper 20140418

Working Paper
The promise and performance of the Federal Reserve as lender of last resort 1914-1933
Bordo, Michael D.; Wheelock, David C. (2010)
This paper examines the origins and early performance of the Federal Reserve as lender of last resort. The Fed was established to overcome the problems of the National Banking era, in particular an ?inelastic? currency and the absence of an effective lender of last resort. As conceived by Paul Warburg and Nelson Aldrich at Jekyll Island in 1910, the Fed?s discount window and bankers acceptance-purchase facilities were expected to solve the problems that had caused banking panics in the National Banking era. Banking panics returned with a vengeance in the 1930s, however, and we examine why the ...
Working Papers , Paper 2010-036

Journal Article
Limited commitment and central bank lending
Goodfriend, Marvin; Lacker, Jeffrey M. (1999-10)
Economic Quarterly , Issue Fall , Pages 1-27

Speech
The supply of money-like assets: remarks for American Economic Association panel session: The Balance Sheets of Central Banks and the Shortage of Safe Assets, Philadelphia
Potter, Simon M. (2018-01-06)
Remarks for American Economic Association Panel Session: The Balance Sheets of Central Banks and the Shortage of Safe Assets, Philadelphia.
Speech , Paper 269

Working Paper
The Federal Home Loan Bank System: the lender of next-to-last resort?
Bech, Morten L.; Ashcraft, Adam B.; Frame, W. Scott (2009)
The Federal Home Loan Bank (FHLB) System is a large, complex, and understudied government-sponsored liquidity facility that currently has more than $1 trillion in secured loans outstanding, mostly to commercial banks and thrifts. This paper first documents the significant role played by the FHLB System at the outset of the ongoing financial crisis and then provides evidence about the uses of these funds by their bank and thrift members. We then identify the trade-offs faced by FHLB member-borrowers when choosing between accessing the FHLB System or the Federal Reserve's discount window during ...
FRB Atlanta Working Paper , Paper 2009-04

Discussion Paper
Dealer Participation in the TSLF Options Program
Hrung, Warren B.; Fleming, Michael J.; Sarkar, Asani; Denison, Erin (2019-03-06)
Our previous post described the workings of the Term Securities Lending Facility Options Program (TOP), which offered dealers options for obtaining short-term loans over month- and quarter-end dates during the global financial crisis of 2007-08. In this follow-up post, we examine dealer participation in the TOP, including the extent to which dealers bid for options, at what fees, and whether they exercised their options. We also provide evidence on how uncertainty in dealers’ funding positions was related to the demand for the liquidity options.
Liberty Street Economics , Paper 20190306a

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

Conference Paper
Who should act as lender of last resort? an incomplete contracts model
Repullo, Rafael (2000)
Proceedings

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