Lender of last resort
Bank of Japan deputy governor warns over ‘fallacy of composition'
Role of central banks has evolved to include market-maker of last resort and global lender of last resort; however, they must keep a macro-prudential perspective
Fed’s Stein backs ‘committed liquidity facility’ as supplement to Basel LCR
Federal Reserve governor says facility approved for use in Australia could be a good way of maintaining liquidity during crisis and imposing a ‘pollution tax’ on illiquid banks
Central banks are now ‘market makers of last resort’, says Fischer
Bank of Israel governor Stanley Fischer says central bankers have learnt a lot about the liquidity trap and expansionary monetary policy since the advent of the global financial crisis; explains thinking behind Israel’s rate rise in July 2009