Linked from

The 20 pages that link to Lender of last resort, each with the reason it gives.

• Moral hazardRelated: Expectations of emergency lending can affect the risks financial institutions choose to take.

• Bank runRelated: Emergency lending can supply cash to a solvent bank facing unusually heavy withdrawals.

• European Central BankRelated: ECB liquidity facilities can limit funding stress, subject to eligibility and collateral rules.

• Bank of EnglandRelated: The Bank can lend against collateral when market funding becomes unavailable.

• Central bankRelated: Emergency central-bank lending can contain a liquidity crisis.

• Federal ReserveRelated: The Fed can use lending facilities to limit destabilizing liquidity shortages.

• Currency boardCompared with: Strict reserve backing limits the board’s ability to create money for emergency lending.

• Fiat moneyRelated: Central banks can use fiat currency to supply liquidity during financial panics.

• Fractional-reserve bankingRelated: Emergency lending can help solvent banks meet withdrawals without fire-selling assets.

• Panic of 1907Narrower topic: Morgan’s private rescue role highlighted the need for a public backstop.

• DollarizationRelated: A dollarized government cannot create the foreign currency needed to provide unlimited emergency liquidity.

• Second Bank of the United StatesRelated: Historians debate how effectively the Bank stabilized credit during financial stress.

• Financial crisisRelated: This backstop can stop temporary funding shortages from becoming cascading failures.

• Credit crunchRelated: Emergency lending can prevent funding failures from spreading into a wider credit contraction.

• Alan GreenspanRelated: Greenspan’s crisis responses reflected this role, while critics disputed whether such support encouraged risk-taking.

• Currency swapRelated: A central bank can act as a foreign lender of last resort through a swap with another central bank.

• Economic crisisRelated: Emergency lending can interrupt a panic before it spreads through payments and credit.

• Ecuadorian dollarizationRelated: Without an independent currency issuer, Ecuador faces tighter limits on emergency liquidity creation.

• Money marketRelated: Emergency lending can backstop funding markets when private lending fails.

• History of bankingRelated: This role developed in response to recurring liquidity crises and contagious bank runs.