The essence of a central bank’s lender-of-last-resort function has traditionally been the provision of unlimited funds. Because there is no limit on the amount of dollars that the Fed can create, no market participant can take a speculative position against it.
更重要的是，互换是有限度的。央行的最后贷款人功能的关键点在于它可以无限量提供资金。美联储可以创造的美元数量是无限的，因此没有哪个市场参与者可以用投机头寸对抗美联储。相反，国际货币基金组织（IMF）的资源是有限的——取决于成员国提供了多少。