最后贷款人与市场救助

Lender of Last Resort and Market Rescue

中央银行之所以必须充当"最后贷款人",是为了避免发生银行挤兑导致的健康银行破产和支付系统崩。关于中央银行救助对象有两种观点:一是必须保护存款人和支付清算系统,但不需要对银行的长期债权人或者股东进行救助;二是考虑到银行特殊的贷款职能,必须保护银行债权人和股东。

Central bank must act as ＂lender of last resort＂, in order to avoid bank rtms leading to bankruptcy of health banks and collapse of the payment systems. There are two views on the central bank rescue： one is we must protect the depositors and payment systems, but needn＇t to protect the bank＇ s long-term creditors or shareholders; the two is taking into account of the bank＇ ,~ special lending fimctions, we must protect the bank＇ s creditors and sharehold- ers.