The lender of last resort: some historical insights
AbstractThis paper discusses the role for a lender of last resort (LLR) in preventing banking panics (section I) , then briefly considers classical and more recent concepts of the LLR (section II). Section III examines historical evidence for the U.S. and other countries on the incidence of banking panics and LLR actions, and the record of alternative LLR arrangements in the U.S., Scotland and Canada, as well as the historical record on ailouts. Section IV offers some lessons from history.
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Bibliographic InfoPaper provided by Federal Reserve Bank of Chicago in its series Proceedings with number 234.
Date of creation: 1989
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Publication status: Published in Conference on Bank Structure and Competition (1989 : 25th)
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- Michael D. Bordo, 1990. "The Lender of Last Resort: Some Historical Insights," NBER Working Papers 3011, National Bureau of Economic Research, Inc.
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