LES APPROCHES CLASSIQUES DU PRtTEUR EN DERNIER RESSORT : DE BARING A HA WTREY
AbstractThere is not a single classical approach to the lender of last resort, but several classical approaches to the lender of last resort. They have been successively developed by Baring, Thornton, the Banking School, Bagehot and Hawtrey. If these approaches converge in stressing that the lender of last resort only intervenes in favour of illiquid but solvent banks, they diverge concerning the link between currency and credit, the discount rate policy, the analysis of the causes of its intervention and the nature of what it lends. Moreover, Hawtrey developed the foundations of the analysis of the international lender of last resort.
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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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Find related papers by JEL classification:
- B00 - Schools of Economic Thought and Methodology - - General - - - History of Economic Thought, Methodology, and Heterodox Approaches
- 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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