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History of Lender of Last Resort in the United States

Hal S. Scott

in Connectedness and Contagion: Protecting the Financial System from Panics

Published in print:
2016
Published Online:
January 2017
ISBN:
9780262034371
eISBN:
9780262332156
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262034371.003.0008
Subject:
Economics and Finance, Economic History

The government successfully responded to the 2008 financial crisis through the Federal Reserve's use of its lender-of-last-resort (LLR) authority. The presence of a strong LLR is paramount to ... More


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