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The International Lender of Last Resort Before 2000

In: Manias, Panics, and Crashes

Author

Listed:
  • Robert Z. Aliber

    (University of Chicago)

  • Charles P. Kindleberger

    (Massachusetts Institute of Technology)

  • Robert N. McCauley

    (Boston University
    University of Oxford)

Abstract

With no world government and no world central bank, the question of where international last resort lending comes from is crucial. The historical record points to the country that serves as the world’s leading financial center, often assisted by other countries. The International Monetary Fund is not suited to the task owing to its limited, slow, and conditional lending. The swap arrangements between central banks worked out at the Bank for International Settlements starting in the 1960s better fit the bill. A division of labor developed among advanced economies: if central bank swaps could not be reversed within months, the borrower would refinance with the IMF with policy strings attached. IMF credit took center stage for emerging market countries, buttressed at times by central bank pressure on banks to increase or to maintain their lending.

Suggested Citation

  • Robert Z. Aliber & Charles P. Kindleberger & Robert N. McCauley, 2023. "The International Lender of Last Resort Before 2000," Springer Books, in: Manias, Panics, and Crashes, edition 8, chapter 0, pages 291-319, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-16008-0_12
    DOI: 10.1007/978-3-031-16008-0_12
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