Abstract
This paper provides a judicious explanation of the concept on Lender of Last Resort in an international context. It explores, in light of the recent financial crisis, the role played by this core doctrine in influencing the decisions of central banks as well as governments in rescuing banks and nationalisation of Northern Rock. In the process, various propositions are made and decisions on the way forward are reached. It is argued that the moral hazard problems underpins the concept of LOLR and it remains a thorn in the back of legal reformers who advocate for institutions such as the IMF taking on this role.
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