of systemic risk. A variety of more specific objections have arisen as well: An ILLR cannot provide genuine liquidity support in the absence of a supra-national money, nor can it create money No fiscal or taxing authority exists to finance the operations of an ILLR The amount of hard currency needed to support an ILLR would be unrealistically large An ILLR would lack access to mechanisms and instruments, such as deposit insurance, that are used by national lenders of last resort Whether an ILLR would channel funds to domestic authorities or to domestic banks remains unclear, and in either case agency problems could arise Regardless of an ILLR's hypothetical benefits, nations are in practice unlikely to yield the degree of control over their banking sectors that would be necessary to make an ILLR functional See also Asset liability mismatch Debt Default Domestic liability dollarization Emerging markets Sovereign bond Government debt External debt Late-2000s recession Liquidity crisis 2010 European sovereign debt crisis Currency crisis Financial crisis Balance of payments International Monetary Fund Systemically important financial institution Notes References Bagehot, Walter. 1873. Lombard Street: A Description of the Money Market. London: William Clowes and Sons. Calomiris, Charles. 2003. "Blueprints for a New Global Financial Architecture." In: Leonardo Auernheimer, editor. International Financial Markets: The Challenge of Globalization. Chicago, United States: University of Chicago Press. Eichengreen, Barry. 1999. Toward a New International Financial Architecture: A Practical Post-Asia Agenda. Washington, DC, United States: Institute for International Economics. Fernández-Arias, E. 2010. "International Lending of Last Resort and Sovereign Debt Restructuring." In: C. Primo and G. Vincellete, editors. Sovereign Debt and the Financial Crisis: Will This Time Be Different? Washington, DC, United States: World Bank. Fernández-Arias, Eduardo and Eduardo Levy Yeyati. 2010. "Global Financial Safety Nets: Where Do We Go from Here?" IDB-WP-231. Washington, DC, United States: Inter-American Development Bank. Sachs, J.D. 1995. "The International Lender of Last Resort: What Are the Alternatives?" Further reading Allen, F., and E. Carletti. 2009. "The Global Financial Crisis." Paper presented at the 13th Annual Conference of the Central Bank of Chile. Baba, N., and I. Shim. 2010. "Policy Response to Dislocations in the FX Swap Market: The Experience of Korea." BIS Quarterly Review June 2010: 29–39. Broda, C., and E. Levy-Yeyati. 2003. "Dollarization and the Lender of Last Resort." In: E. Levy-Yeyati and F. Sturzenegger, editors. Dollarization: Debates and Policy Alternatives. Cambridge, United States: MIT Press. Caballero, R., and S.