The Early Phases of the Financial Crisis: Reflections on the Lender of Last Resort

Authors

Timothy F. Geithner, Warburg Pincus and Yale School of ManagementFollow

Document Type

Article

JEL Codes

G01, G28

Abstract

This essay discusses the powers and limitations of the Federal Reserve’s role as Lender of Last Resort and how it deployed those powers during the financial crisis of 2007-2009. It considers the Fed’s authorities and the frameworks that it relied on in utilizing its powers to calm markets in turmoil and to assist specific financial institutions.

Recommended Citation

Geithner, Timothy F. (2019) "The Early Phases of the Financial Crisis: Reflections on the Lender of Last Resort," Journal of Financial Crises: Vol. 1 : Iss. 1, 1-38.
Available at: https://elischolar.library.yale.edu/journal-of-financial-crises/vol1/iss1/1

Date Revised

2019-03-20