The Federal safety net for commercial banks: pt. I
Deposit insurance and lender-of-last-resort functions
Risk, insurance and central banking
Panic, liquidity and the lender of last resort: a strategic analysis
This paper develops a model in which panics are caused by the strategic behavior of agents who temporarily monopolize the supply of privately controlled cash reserves. The decision to exercise this "monopoly power" results in localized "corners" on the money market and hence an abrupt alteration in the rate of exchange between cash and non-monetary assets. This sudden appearance of a premium on liquidity produces the dramatic increase in interest rates, decrease in security prices and wave of "contagious" bank runs which are characteristic of panics. Since the nonzero probability ...
Empirical evidence on the need for a lender of last resort
Lessons from the crash of '87: systemic issues
Financial fragility and the lender of last resort