Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/301923 
Authors: 
Year of Publication: 
2024
Series/Report no.: 
Bank of Canada Staff Discussion Paper No. 2024-6
Publisher: 
Bank of Canada, Ottawa
Abstract: 
Central banks play a crucial role in promoting financial stability. They act as financial system stabilizers through their capacity to create liquidity and channel it to financial institutions and markets in times of stress - a role that has evolved and expanded substantially over the past 15 years. This paper provides a stylized discussion of recent policy developments in this area and what they mean for debates and decisions about the design of central bank liquidity policy. Across several policy dimensions, the paper outlines broad changes since the 2008-09 global financial crisis and highlights some of the key challenges, choices and considerations facing the designers of central bank liquidity tools today.
Subjects: 
Lender of last resort
Financial stability
Central bank research
Financial institutions
Financial markets
JEL: 
D53
E58
E61
G01
G2
G21
G23
H12
Persistent Identifier of the first edition: 
Document Type: 
Working Paper

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