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Traditionally, aggregate liquidity shocks are modelled as exogenous events. Extending our previous work (Cao & Illing, 2007), this paper analyses the adequate policy response to endogenous systemic liquidity risk. We analyse the feedback between lender of last resort policy and incentives of private banks, determining the aggregate amount of liquidity available. We show that imposing minimum liquidity standards for banks ex ante are a crucial requirement for sensible lender of last resort policy. In addition, we analyse the impact of equity requirements and narrow banking, in the sense that banks are required to hold sufficient liquid funds so as to pay out in all contingencies. We show that such a policy is strictly inferior to imposing minimum liquidity standards ex ante combined with lender of last resort policy.
According to our collections of literature, about 400 scientific papers dealing with Chinese bryophytes have been published in China and abroad during 1990’s. Among these, more than 50 % were published in different scientific journals in China and often written in Chinese with English abstract, which are not well known and assessable for foreign bryologists. Therefore, in addition to previous Chinese literature I-III (Cao et al. 1990, Li et Zhang 1993, 1994), we present the fourth part of Chinese literature herewith. It is hoped that this up-dated list will provide useful information for all people who are interested in bryological research.