BIS – Why do we need both liquidity regulations and a lender of last resort?
Why do we need both liquidity regulations and a lender of last resort? A perspective from Federal Reserve lending during the 2007-09 US financial crisis, by Mark Carlson, Burcu Duygan-Bump and William Nelson. February 2015. “During the 2007-09 financial crisis, there were severe reductions in the liquidity of financial markets, runs on the shadow banking …