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This paper considers how an international lender of last resort (LOLR) can prevent...

Fixed exchange rate regimes have come into disrepute, as their defense has become all but...

This paper addresses the important question of how far a government will run down its stock of...

Much of the debate about the management of financial crises has focused on structural and...

This paper aims at clarifying, with the help of a simple formal model and numerical examples,...

The entire difference between a mild downturn and a devastating crisis is the occurrence of sharp...