At the cross-country level, evidence indicates that various measures of financial development (including assets of the financial intermediaries, liquid liabilities of financial institutions, domestic credit to private sector, stock and bond market capitalisation) are robustly and positively related to economic growth (King and Levine, 1993; Levine and Zervos, 1998).
If the talk of a lender of last resort means only that kind of  1  BIS Review 72/1999  financial assistance, I don’t mind. Even though that expression might not be absolutely accurate. But we should not argue about words.