01924cas a2200241 a 4500 AALejournalIMF000806 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451842678 1018-5941 BD-DhAAL BD-DhAAL Giannini, Curzio. Enemy of None But a Common Friend of All? : An International Perspectiveon the Lender-Of-Last-Resort Function / Curzio Giannini. Washington, D.C. : International Monetary Fund, 1999. 1 online resource (58 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students The paper explores whether and how national lender-of-last-resort practices can be adapted internationally. Nationally, the effectiveness of such practices is based on a blend of resource availability, technical discretion as to the conditions attached, ex ante supervision, and powers of enforcement. Some features of the international environment, however, make it difficult to replicate this structure, which may explain why recent large-scale rescue packages have worked less than satisfactorily. Private contingent credit facilities and IMF lending into arrears in the context of internationally approved, temporary moratoria on foreign debt may nonetheless offer some scope for effective, although limited in aims and resources, international liquidity support, but this would require amending the IMF's Articles of Agreement. Mode of access: Internet IMF Working Papers; Working Paper ; No. 1999/010 Full text available on IMF http://elibrary.imf.org/view/journals/001/1999/010/001.1999.issue-010-en.xml IMF e-Library