Lender of last resort

Detail from the mural "Government" by Elihu Vedder in the Library of Congress

The Federal Reserve System headquarters in Washington, D.C.

The Reserve Bank of New Zealand in Wellington

The term lender of last resort originates from the French expression dernier ressort. While the concept itself had been used previously, the term, "lender of last resort", was supposedly first used in its current context by Sir Francis Baring in his Observations on the Establishment of the Bank of England which was published in 1797. In 1763 the king was the lender of last resort in Prussia. Different definitions of the lender of last resort exist in the literature. A comprehensive one is the following: "the discretionary provision of liquidity to a financial institution (or the market as a whole) by the central bank in reaction to an adverse shock which causes an abnormal increase in demand for liquidity which cannot be met from an alternative source". This means that the central bank is the lender (provider of liquidity) of last resort (if there is no other way to increase the supply of liquidity when there is a lack thereof). The function has been performed by many central banks since the beginning of the 20th century. The goal is to prevent financial panics and bank runs spreading from one bank to the next due to a lack of liquidity.

单词	Lender of last resort
释义	Lender of last resort 英语例句库 The state could charge heftily for acting as lender of last resort—or, less desirable, impose a windfall tax on bank profits or a “Tobin tax” on transactions. 国家可对作为最后贷方的银行罚以重款，或退而求其次，对银行利润征收暴利税，或者对银行交易征收“托宾税”。原声例句货币银行学（音频版） And the discount window is essentially a lender of last resort to the banks. 贴现窗口本质上是银行的最后一个贷款方。经济学人（汇总） Over 90 countries have approached the IMF, the lender of last resort for governments, to ask for help. 超过90个国家已经向政府的最后贷款人——国际货币基金组织寻求帮助。历年考研英语阅读真题（英语一） Who is going to supervise, regulate and operate as lender of last resort with the gigantic banks that are being created? 如果合并后如此巨大的银行出现，谁来充当最终的借贷者，发挥监督、规范和运作的作用呢？经济学人（汇总） The Fed is less likely to rescue foreigners by acting as a global lender of last resort, as it did a decade ago. 美联储不太可能像10年前那样，通过充当全球最后贷款人来拯救其他国家。经济学人 Finance and economics Banks need a lender of last resort because they are inherently unstable. 银行需要最后贷款人，因为它们本质上是不稳定的。 CNBC全球经济分析 Central banks, known as the lenders of last resort, came into the spotlight like they’d never been before. 被称为最后贷款人的中央银行以前所未有的方式受到关注。《卫报》（文章版） If predictions are correct that the world is entering an extended period of economic turmoil, this will only increase the need for some kind of global lender of last resort. 如果世界经济动荡时期正在延长的预言无误，那么，这只会增加各国不得已寻求某种全球贷款机构的需求。经济学人 Finance and economics If this dynamic gets out of hand it can typically be solved by central banks stepping in and operating as a lenders of last resort, as the Bank of England did. 如果这种动态失控，通常可以通过中央银行介入并作为最后贷款人来运作来解决，就像英格兰银行所做的那样。英语百科 Lender of last resort The term lender of last resort originates from the French expression dernier ressort. While the concept itself had been used previously, the term, "lender of last resort", was supposedly first used in its current context by Sir Francis Baring in his Observations on the Establishment of the Bank of England which was published in 1797. In 1763 the king was the lender of last resort in Prussia. Different definitions of the lender of last resort exist in the literature. A comprehensive one is the following: "the discretionary provision of liquidity to a financial institution (or the market as a whole) by the central bank in reaction to an adverse shock which causes an abnormal increase in demand for liquidity which cannot be met from an alternative source". This means that the central bank is the lender (provider of liquidity) of last resort (if there is no other way to increase the supply of liquidity when there is a lack thereof). The function has been performed by many central banks since the beginning of the 20th century. The goal is to prevent financial panics and bank runs spreading from one bank to the next due to a lack of liquidity.
随便看	by slow degrees的意思 bysma的意思 bysmalith的意思 by small and small的意思 by small degrees的意思 bysmalsth的意思 by snatches的意思 bysning的意思 bysome的意思 by some chance的意思 by some distance的意思 by some means的意思 by some means or other的意思 by some miracle的意思 by some possession的意思 by some possibility的意思 byson的意思 by sounding的意思 bysount的意思 bysouth的意思 bysp的意思 by special light effects的意思 by special methods的意思 byspeech的意思 Byspel的意思