ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846
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Is the IMF a Lender of First or Last Resort?

The IMF may have acted as a crisis manager and crisis lender but it lacks the very basic attribute of a lender of last resort, which is the political and legal prerogative to create high-powered money without limit. Further, the entire spirit and intent of the Fund's policy on use of its general resources is to encourage early recourse to its financial facilities and to ensure that liquidity crises do not develop into solvency crises.



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