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Action du prêteur en dernier ressort : qu’avons-nous appris lors de cette crise ?

Authors
Journal
Revue d économie financière
0987-3368
Publisher
PERSEE Program
Publication Date
Volume
94
Issue
1
Identifiers
DOI: 10.3406/ecofi.2009.5305
Disciplines
  • Economics

Abstract

Lender of Last Resort Intervention : What Have We Learned from the Crisis ? The scope and speed of the interventions undertaken to prevent the failure of financial institutions in the current crisis have no historical precedents. At the heart of the measures taken has been the concept of lender of last resort (LLR), a time-honored pillar of classical economic theory. Faced with an imminent threat of systemic collapse, the various authorities intervened in a massive and often precipitated manner. To what extent did these interventions heed theoretical principles or, on the contrary, diverge from those principles ? The purpose of this article is therefore to recall LLR doctrine and how it has evolved, examine the current crisis from the LLR standpoint, review how LLRs managed the crisis and draw the initial lessons. Classification JEL : E58, G28

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