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.
Download InfoTo our knowledge, this item is not available for download. To find whether it is available, there are three options:
1. Check below under "Related research" whether another version of this item is available online.
2. Check on the provider's web page whether it is in fact available.
3. Perform a search for a similarly titled item that would be available.
Bibliographic InfoPaper provided by Federal Reserve Bank of Chicago in its series Proceedings with number 234.
Date of creation: 1989
Date of revision:
Publication status: Published in Conference on Bank Structure and Competition (1989 : 25th)
Contact details of provider:
Postal: P.O. Box 834, 230 South LaSalle Street, Chicago, Illinois 60690-0834
Web page: http://www.chicagofed.org/
More information through EDIRC
Other versions of this item:
- Michael D. Bordo, 1989. "The Lender of Last Resort: Some Historical Insights," NBER Working Papers 3011, National Bureau of Economic Research, Inc.
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- 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).
- Marvin Goodfriend & Robert G. King, 1988. "Financial deregulation, monetary policy, and central banking," Economic Review, Federal Reserve Bank of Richmond, Federal Reserve Bank of Richmond, issue May, pages 3-22.
- Marvin Goodfriend & Robert G. King, 1988. "Financial deregulation, monetary policy, and central banking," Working Paper, Federal Reserve Bank of Richmond 88-01, Federal Reserve Bank of Richmond.
- Michael D. Bordo, 1981. "The classical gold standard: some lessons for today," Review, Federal Reserve Bank of St. Louis, issue May, pages 2-17.
- Timberlake, Richard H, Jr, 1984. "The Central Banking Role of Clearinghouse Associations," Journal of Money, Credit and Banking, Blackwell Publishing, Blackwell Publishing, vol. 16(1), pages 1-15, February.
- Weber, Ernst Juerg, 1988. "Currency Competition in Switzerland, 1826-1850," Kyklos, Wiley Blackwell, Wiley Blackwell, vol. 41(3), pages 459-78.
- Arthur J. Rolnick & Warren E. Weber, 1985. "Inherent instability in banking: the free banking experience," Working Papers, Federal Reserve Bank of Minneapolis 275, Federal Reserve Bank of Minneapolis.
- Iftekhar Hasan & Gerald P. Dwyer, Jr., 1989.
"Contagious bank runs in the free banking period,"
Working Papers, Federal Reserve Bank of St. Louis
1989-002, Federal Reserve Bank of St. Louis.
- Charles W. Calomiris, 1989. "Deposit insurance: lessons from the record," Economic Perspectives, Federal Reserve Bank of Chicago, Federal Reserve Bank of Chicago, issue May, pages 10-30.
- Oskar Morgenstern, 1959. "International Financial Transactions and Business Cycles," NBER Books, National Bureau of Economic Research, Inc, number morg59-1, October.
- Cowen, Tyler & Kroszner, Randall, 1989. "Scottish Banking before 1845: A Model for Laissez-Faire?," Journal of Money, Credit and Banking, Blackwell Publishing, Blackwell Publishing, vol. 21(2), pages 221-31, May.
- Goodhart, C A E, 1987. "Why Do Banks Need a Central Bank?," Oxford Economic Papers, Oxford University Press, vol. 39(1), pages 75-89, March.
- Cordella, Tito & Yeyati, Eduardo Levy, 2003. "Bank bailouts: moral hazard vs. value effect," Journal of Financial Intermediation, Elsevier, Elsevier, vol. 12(4), pages 300-330, October.
- Caprio, Gerard Jr. & Dooley, Michael & Leipziger, Danny & Walsh, Carl, 1996.
"The lender of last resort function under a currency board : the case of Argentina,"
Policy Research Working Paper Series
1648, The World Bank.
- Gerald Caprio & Michael Dooley & Danny Leipziger & Carl Walsh, 1996. "The lender of last resort function under a currency board: The case of Argentina," Open Economies Review, Springer, Springer, vol. 7(1), pages 625-650, March.
- Jane Sneddon Little & Giovanni P. Olivei, 1999. "Why the interest in reforming the International Monetary System?," New England Economic Review, Federal Reserve Bank of Boston, issue Sep, pages 53-84.
- Nenovsky, Nikolay & Hristov, Kalin, 2002. "The new currency boards and discretion: empirical evidence from Bulgaria," Economic Systems, Elsevier, vol. 26(1), pages 55-72, April.
- Cordelius Ilgmann & Ulrich van Suntum, . "Bad Banks: The Case of Germany," Working Papers, Institute of Spatial and Housing Economics, Munster Universitary 200110, Institute of Spatial and Housing Economics, Munster Universitary.
- Fernando Ossa, 2003. "Los Bancos Centrales como Prestamistas de Ãšltima Instancia," Latin American Journal of Economics-formerly Cuadernos de EconomÃa, Instituto de EconomÃa. Pontificia Universidad CatÃ³lica de Chile., Instituto de EconomÃa. Pontificia Universidad CatÃ³lica de Chile., vol. 40(120), pages 323-335.
- Bernstein, Asaf & Hughson, Eric & Weidenmier, Marc D., 2010. "Identifying the effects of a lender of last resort on financial markets: Lessons from the founding of the fed," Journal of Financial Economics, Elsevier, Elsevier, vol. 98(1), pages 40-53, October.
- Berlemann, Michael & Nenovsky, Nikolay, 2003. "Lending of first versus lending of last resort: The Bulgarian financial crisis of 1996/1997," Dresden Discussion Paper Series in Economics 11/03, Dresden University of Technology, Faculty of Business and Economics, Department of Economics.
- George G. Kaufman, 1990. "Lender of last resort: a contemporary perspective," Research Paper 9008, Federal Reserve Bank of Dallas.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Bernie Flores).
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.