Abstract
Abstract The current international debt situation has led some analysts to suggest the possibility of a scenario whereby international debt defaults quickly lead to severe strains on domestic commercial banks. In this context, monetary and central bank policy become especially important, and references are often made to the central bank’s function as lender of last resort (LLR). In considering stopgap versus permanent solutions to financial crises, the role of the lender of last resort assumes special pertinence.
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