TY  - UNPD
A1  - Fecht, Falko
A1  - Tyrell, Marcel
T1  - Optimal lender of last resort policy in different financial systems
T2  - Deutsche Bundesbank: [Discussion paper / 1] Discussion paper : Ser. 1, Economic studies ; No. 2004,39
N2  - In a framework closely related to Diamond and Rajan (2001) we characterize different financial systems and analyze the welfare implications of different LOLR-policies in these financial systems. We show that in a bank-dominated financial system it is less likely that a LOLR-policy that follows the Bagehot rules is preferable. In financial systems with rather illiquid assets a discretionary individual liquidity assistance might be welfare improving, while in market-based financial systems, with rather liquid assets in the banks' balance sheets, emergency liquidity assistance provided freely to the market at a penalty rate is likely to be efficient. Thus, a "one size fits all"-approach that does not take the differences of financial systems into account is misguiding. JEL - Klassifikation: D52 , E44 , G21 , E52 , E58
KW  - Lender of Last Resort / Finanzmarkt / Wirtschaftspolitische Wirkungsanalyse
KW  - Financial Crises
KW  - Lender of Last Resort
KW  - Comparing Financial Systems
Y1  - 2004
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/3708
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30-17772
UR  - https://www.bundesbank.de/Redaktion/EN/Downloads/Publications/Discussion_Paper_1/2004/2004_12_16_dkp_39.pdf
SN  - 3–86558–034–3
ER  -