On the Need for an International Lender of Last Resort
探讨国际最后贷款人（ILLR）作为危机贷款人和管理者的功能，认为其有助于缓解国际资本流动的过度波动和传染性，并强调私人部门参与对新兴市场金融危机解决的重要性。
Is there a useful function for an international lender of last resort (ILLR)--defined as crisis lender and crisis manager? Yes for international capital flows are excessively volatile and contagious, and because an ILLR can help mitigate the effects of this instability. I examine the Bagehot rules, and their applicability in an international context, focusing on the problem of moral hazard. I argue that a critical condition for the successful operation of an ILLR, a role that is to an important extent played by the IMF, is to ensure private sector involvement in the resolution of emerging market financial crises.