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The lender of last resort : alternative views and historical experience

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Author Info

  • Michael D. Bordo

Abstract

Four views on the proper role of the lender of last resort are defined. Historical evidence is given on the causes of banking panics in the U.S. and other countries and the roles lenders of last resort played in resolving them.

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File URL: http://www.richmondfed.org/publications/research/economic_review/1990/pdf/er760103.pdf
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Bibliographic Info

Article provided by Federal Reserve Bank of Richmond in its journal Economic Review.

Volume (Year): (1990)
Issue (Month): Jan ()
Pages: 18-29

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Handle: RePEc:fip:fedrer:y:1990:i:jan:p:18-29:n:v.76no.1

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Related research

Keywords: Banks and banking - History ; Lenders of last resort ; Banks and banking; Central;

References

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  1. Goodfriend, M. & King, R.G., 1988. "Financial Deregulation, Monetary Policy, And Central Banking," RCER Working Papers 121, University of Rochester - Center for Economic Research (RCER).
  2. Marvin S. Goodfriend, 1988. "Money, credit, banking, and payment system policy," Proceedings, Federal Reserve Bank of Richmond, pages 247-284.
  3. Bordo, Michael D. & Redish, Angela, 1987. "Why Did the Bank of Canada Emerge in 1935?," The Journal of Economic History, Cambridge University Press, vol. 47(02), pages 405-417, June.
  4. Weber, Ernst Juerg, 1988. "Currency Competition in Switzerland, 1826-1850," Kyklos, Wiley Blackwell, vol. 41(3), pages 459-78.
  5. Oskar Morgenstern, 1959. "International Financial Transactions and Business Cycles," NBER Books, National Bureau of Economic Research, Inc, number morg59-1.
  6. Iftekhar Hasan & Gerald P. Dwyer, Jr., 1989. "Contagious bank runs in the free banking period," Working Papers 1989-002, Federal Reserve Bank of St. Louis.
  7. Arthur J. Rolnick & Warren E. Weber, 1985. "Inherent instability in banking: the free banking experience," Working Papers 275, Federal Reserve Bank of Minneapolis.
  8. Hirsch, Fred, 1977. "The Bagehot Problem," The Manchester School of Economic & Social Studies, University of Manchester, vol. 45(3), pages 241-57, September.
  9. Michael D. Bordo, 1981. "The classical gold standard: some lessons for today," Review, Federal Reserve Bank of St. Louis, issue May, pages 2-17.
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