IDEAS home Printed from https://ideas.repec.org/h/pal/palchp/978-1-349-23141-6_7.html
   My bibliography  Save this book chapter

Liquidity Management and Lender-of-Last-Resort Functions: Recent Developments in the Italian Banking System

In: The Changing Face of European Banks and Securities Market

Author

Listed:
  • Francesco Cesarini

Abstract

In a paper presented in March 1989 at a meeting held in Perugia in which die instruments for safeguarding the stability of the financial system were debated1,1 expressed the view that, while the functioning of money markets and the precision of tools for monetary control had been greatly ameliorated, paradoxically no significant improvement had been achieved in instruments aimed at direct channelling of lender-of-last- resort funds to banks which experience temporary and intense liquidity stresses. This situation, which appears to be particularly harmful in the case of banks which are submitted to reorganisation procedures under the supervision of regulatory authorities, was to be attributed to the survival of an outdated and rigid legislation governing the eligibility of assets to be acquired by the Bank of Italy as collateral to refinancing operations on a bilateral basis, and it was sharply in contrast with the continuous refinement of the instruments which monetary authorities can negotiate in open markets for purposes of monetary control.

Suggested Citation

  • Francesco Cesarini, 1994. "Liquidity Management and Lender-of-Last-Resort Functions: Recent Developments in the Italian Banking System," Palgrave Macmillan Books, in: Jack Revell (ed.), The Changing Face of European Banks and Securities Market, chapter 0, pages 133-143, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-23141-6_7
    DOI: 10.1007/978-1-349-23141-6_7
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:pal:palchp:978-1-349-23141-6_7. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.palgrave.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.