Towards a New Bretton Woods

Challenges for the World Financial and Trading System: Selected Backgound Papers Prepared for a Commonwealth Study Group, Volume I and II

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International Lenders of Last Resort: Are Changes Required?

As the national LLR needed c lea r exposition in 1866-73, so international lender of last resort (ILLR) needs it now. Bank activities are much more complex, internationalised and interlocked. Not merely the welfare of depositors, but the capacity of sound firms at home and abroad to borrow - as well as the capacity of many developing countries to grow -depend on the maintenance of a liquid base for the banking system.


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