摘要： 迄今为止无论是在中央银行立法还是在中央银行的具体操作上各国对于最后贷款人制度尚未形成统一的做法。我国在该制度的立法空白，导致了中央银行在具体操作上的盲目性和混乱性。本文通过对国外最后贷款人制度的比较法分析，指出国外最后贷款人制度的理论和立法存在的缺陷，提出我国应以“系统性危机”为标准，采用“推定模糊”方式架构最后贷款人制度的立法框架。

关键词: 最后贷款人 , 系统性危机 , 推定模糊

Abstract: There has not been a consensus with respect to lender of last resort （LOLR） across countries，whether in central banking legislation or in central bank' s practices． Silence of China' s central banking law on this issue has engendered blindness and confusion in LOLR practices． Based on comparative study of LOLR in other countries， this paper points out the weaknesses in the existing LOLR theories and legislation of these countries， and suggests that China construct its legal framework for LOLR subject to systemic crisis standard and constructive ambiguity approach．

Key words: lender of last resort, systemic crisis, constructive ambiguity