Two Views Of The Lender Of Last Resort: Thornton And Bagehot
AbstractHenry Thornton and Walter Bagehot were both advocates of the Bank of England's role as a lender of last resort, but they differed on many details of the case. Where Bagehot thought that this role was purely the product of a specific monopoly privileges, Thornton also saw it as the desirable and natural outcome of the operations of banking; where Bagehot located the productivity of banking in credit markets, Thornton stressed the importance of liability side of the system's balance sheet; and where Bagehot took the desirability of gold convertibility for granted, Thornton was willing to trade off this goal against the maintenance of monetary stability.
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Bibliographic InfoArticle provided by L'Harmattan in its journal Cahiers d'économie Politique.
Volume (Year): (2003)
Issue (Month): 45 ()
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Other versions of this item:
- David Laidler, 2002. "Two Views of the Lender of Last Resort: Thornton and Bagehot," UWO Department of Economics Working Papers 20029, University of Western Ontario, Department of Economics.
- B10 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - General
- E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General
- E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
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- Arie Arnon, 2007. "The Early Round Of The Bullionist Debate 1800-1802: Boyd, Baring And Thornton’S Innovative Ideas," Working Papers 0714, Ben-Gurion University of the Negev, Department of Economics.
- Laurent Le Maux & Laurence Scialom, 2013. "Central banks and financial stability: rediscovering the lender-of-last-resort practice in a finance economy," Cambridge Journal of Economics, Oxford University Press, vol. 37(1), pages 1-16.
- Antoine Martin, 2008. "Reconciling Bagehot with the Fed's response to September 11," Staff Reports 217, Federal Reserve Bank of New York.
- de Boyer des Roches, Jérôme & Gomez Betancourt, Rebeca, 2010. "How did the US Monetary System work under the National Banking System (1863-1913) ?," Economics Papers from University Paris Dauphine 123456789/6554, Paris Dauphine University.
- Antoine Martin, 2002. "Reconciling Bagehot with the Fed's response to Sept. 11," Research Working Paper RWP 02-10, Federal Reserve Bank of Kansas City.
- de Boyer des Roches, Jérôme, 2009. "Bank liquidity risk, from John Law (1705) to Walter Bagehot (1873)," Economics Papers from University Paris Dauphine 123456789/4152, Paris Dauphine University.
- Poomjai Nacaskul & Kritchaya Janjaroen & Suparit Suwanik, 2012. "Economic Rationales for Central Banking: Historical Evolution, Policy Space, Institutional Integrity, and Paradigm Challenges," Working Papers 2012-04, Economic Research Department, Bank of Thailand.
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