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Permanence And Innovation In Central Banking Policy For Financial Stability

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Executive Summary

Since the burst of the so-called "Subprime" crisis in August 2007, central banks have been much solicited in their capacity of lender-of-last-resort. Every time such interventions arise, they reopen a lively debate over their righteousness and foster criticism on their supposed harmful side effects. With the present crisis a new chapter can be written in the historical saga of the lender-of-last-resort, as central bank interventions have been unusually lengthy and have implemented renewed techniques. The present paper hopes to contribute to the new chapter.

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