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Research on the Problems of the Operation of Central Bank’s Lender of Last Resort

Author: WangXiaoXiang
Tutor: CuiGuangLian
School: Xinjiang University of Finance and Economics
Course: Finance
Keywords: Operation of Lender of Last Resort Problems Central Bank
CLC: F832.31
Type: Master's thesis
Year: 2010
Downloads: 73
Quote: 1
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Abstract


Over the past 170 years, there is an accepted theory that we could not trust the market when the liquidity of it is inadequate, and at the moment central bank should intervene in the market to set the price of the liquidity to be a reasonable level. This is called“lender of last resort theory”. In the background of economic and financial globalization, in order to avoid and resolve the financial risk, the central bank of our country constantly acted as lender of last resort, but there are many problems in the operation of it. The problems on the one hand produced the abundant unhealthy creditor’s rights of central bank, on the other hand caused the serious moral hazard and the destruction of market mechanism.The basic idea of this thesis is to divide the operation into the subject, objects, means, instruments and principles and analyze them in the aspects of the supporting theory, international practices, the status of our country, problems, reasons for the problems and policy proposals. The main features are as follows: Chapter One, relevant reviews and main conflicts of lender of last resort, Chapter Two, analysis and international practices of the elements of lender of last resort, Chapter Three, the status of render of last resort in our country, and Chapter Four, the policy proposals for regulating the operation of lender of last resort. The main innovative views of this paper may include: In the single operational mode, central bank’s lender of“last resort”became“first resort”; In the single operational tool, lender of last resort acts as financial aid for payments; The fuzziness of the principles is a vulnerability of the institutional arrangement rather than the constructive ambiguity of modern lender of last resort theory.In view of the abundant experiences and lessons accumulated by our central bank system and the fact that there are many advanced experiences which can be borrowed from the global developed countries, the study method used in this thesis is inductive conclusion.

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CLC: > Economic > Fiscal, monetary > Finance, banking > China's financial,banking > Financial organizations, banks > People's Bank of China
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