Jump to ContentJump to Main Navigation
Brother, Can You Spare a Billion? – The United States, the IMF, and the International Lender of Last Resort - Oxford Scholarship Online
Users without a subscription are not able to see the full content.

Brother, Can You Spare a Billion?: The United States, the IMF, and the International Lender of Last Resort

Daniel McDowell

Abstract

When financial crises occur, it has long been accepted that national economies need a lender of last resort to stabilize markets. In today’s global financial system, crises are rarely confined to one country. Indeed, they often go global. Yet, there is no formal international lender of last resort (ILLR) to perform this function for the world economy. Conventional wisdom says that the International Monetary Fund (IMF) has emerged in recent decades as the de facto ILLR. Yet that premise is incomplete. This book explores how the United States has for decades regularly complemented the Fund’s ILL ... More

Keywords: international lender of last resort, financial crises, IMF, bailouts, global governance, central banking, financial stability

Bibliographic Information

Print publication date: 2017 Print ISBN-13: 9780190605766
Published to Oxford Scholarship Online: December 2016 DOI:10.1093/acprof:oso/9780190605766.001.0001

Authors

Affiliations are at time of print publication.

Daniel McDowell, author
Assistant Professor of Political Science, Syracuse University