The lender-of-last-resort function in the context of national and international financial crises

1985 ◽  
Vol 121 (2) ◽  
pp. 217-237 ◽  
Author(s):  
Emil-Maria Claassen
Keyword(s):  
Financial Crises ◽  
Lender Of Last Resort ◽  
International Financial Crises

FPGA Speedup for Financial Network Models

2011 ◽  
pp. 321-368 ◽  
Author(s):  
Joe Kelley
Keyword(s):  
Financial Crises ◽  
Network Models ◽  
Research Activity ◽  
Financial Network ◽  
Gate Arrays ◽  
International Financial Crises ◽  
Flow Of Funds ◽  
Critical Technology ◽  
Field Programmable ◽  
Programmable Gate Arrays

We propose to use FPGA (Field Programmable Gate Arrays) to solve the nearly insurmountable computational challenges of Financial Network Models. Flow of funds models have been discussed for decades, but recently, the research activity has picked up due to international financial crises and the increased power of computers, mathematics, and economic models to address these crises. We survey many of these developments and discuss how FPGA can provide the critical technology to provide answers fast enough to be useable by managers in banks and regulatory agencies.

Globale Finanzmärkte, Währungskrisen und aufstrebende Volkswirtschaften

1999 ◽  
Vol 48 (2) ◽  
Author(s):  
Juergen B. Dönges
Keyword(s):  
Economic Policy ◽  
Financial Crises ◽  
Capital Controls ◽  
Banking Regulation ◽  
Exchange Rate Policy ◽  
Costs And Benefits ◽  
International Organisations ◽  
International Financial Crises ◽  
Rate Policy

AbstractRecent international financial crises in emerging markets have impressively made clear that there is still a lack of knowledge about the causes and consequences of financial turmoil. In particular, questions of why crises emerge, how they are transmitted, how they can be predicted and prevented and how they can be managed once they have occurred, are not adequately answered. Both research in economics and economic policy now focus on all aspects of international financial crises. This paper first provides an overview about the state of economic theory explaining financial and monetary crises. The theoretical survey is followed by a discussion of the appropriate economic policy reaction. This discussion includes the role of international organisations, exchange rate policy, costs and benefits of capital controls as well as the need for a prudential banking regulation.

scholarly journals Retrospectives: Regulating Banks versus Managing Liquidity: Jeremy Bentham and Henry Thornton in 1802

2020 ◽  
Vol 34 (4) ◽  
pp. 195-209
Author(s):  
John Berdell ◽  
Thomas Mondschean
Keyword(s):  
Systemic Risk ◽  
Financial Crises ◽  
Financial System ◽  
Jeremy Bentham ◽  
Credit System ◽  
Lender Of Last Resort ◽  
Financial Systems ◽  
Bank Regulations ◽  
Systemic Crisis ◽  
The Stability

At nearly the same moment, Jeremy Bentham and Henry Thornton adopted diametrically opposed approaches to stabilizing the financial system. Henry Thornton eloquently defended the Bank of England’s actions as the lender of last resort and saw its discretionary management of liquidity as the key stabilizer of the credit system. In contrast, Jeremy Bentham advocated the imposition of strict bank regulations and examinations, without which, he predicted, Britain would soon experience a systemic crisis—which he called “universal bankruptcy.” There are strong parallels but also dramatic differences with our recent attempts to reduce systemic risk within financial systems. The Basel III bank regulatory framework effectively intertwines Bentham’s and Thornton’s diametrically opposed approaches to stabilizing banks. Yet Bentham’s and Thornton’s concerns regarding the stability of the wider financial system remain alive today due to financial innovation and the politics of responding to financial crises.

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