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The Lender of Last Resort: Some Historical Insights

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Michael D. Bordo

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Abstract

This 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 bailouts. Section IV offers some lessons from history.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 3011.

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Date of creation: Aug 1990
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Publication status: published as "The Lender of Last Resort: Alternative Views and Historical Experience." From Economic Review, Vol. 76/1, pp. 18-29, (January/February 1990).
Handle: RePEc:nbr:nberwo:3011

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References listed on IDEAS
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.:
  1. Arthur J. Rolnick & Warren E. Weber, 1985. "Inherent instability in banking: the free banking experience," Working Papers 275, Federal Reserve Bank of Minneapolis. [Downloadable!]
  2. repec:fip:fedreq:y:1988:i:may/jun:p:3-22:n:v.74no.3 is not listed on IDEAS
  3. Timberlake, Richard H, Jr, 1984. "The Central Banking Role of Clearinghouse Associations," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 16(1), pages 1-15, February. [Downloadable!] (restricted)
  4. Marvin Goodfriend & Robert G. King, 1988. "Financial deregulation, monetary policy, and central banking," Working Paper 88-01, Federal Reserve Bank of Richmond. [Downloadable!]
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  5. Cowen, Tyler & Kroszner, Randall, 1989. "Scottish Banking before 1845: A Model for Laissez-Faire?," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 21(2), pages 221-31, May. [Downloadable!] (restricted)
  6. repec:fip:fedreq:y:1975:i:jan/feb:p:2-9:n:v.61no.1 is not listed on IDEAS
  7. Charles W. Calomiris, 1989. "Deposit insurance: lessons from the record," Economic Perspectives, Federal Reserve Bank of Chicago, issue May, pages 10-30.
  8. Michael D. Bordo, 1981. "The classical gold standard: some lessons for today," Review, Federal Reserve Bank of St. Louis, issue May, pages 2-17. [Downloadable!]
  9. Weber, Ernst Juerg, 1988. "Currency Competition in Switzerland, 1826-1850," Kyklos, Blackwell Publishing, vol. 41(3), pages 459-78.
  10. Hasan, I. & Dwyer, Jr.G.P., 1988. "Contagious Bank Runs In The Free Banking Period," Papers 22, Houston - Department of Economics.
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Cited by:
(explanations, 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.)

  1. Ioan Talpos & Bogdan Dima & Mihai Mutascu & Cosmin Enache, 2005. "A New Approach Of The Budget Deficit: An Empirical Analysis," Public Economics 0510023, EconWPA. [Downloadable!]
  2. Carmine DiNoia, 1994. "Structuring Deposit Insurance in Europe: Some Considerations and a Regulatory Game," Center for Financial Institutions Working Papers 94-31, Wharton School Center for Financial Institutions, University of Pennsylvania. [Downloadable!]
  3. 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. [Downloadable!]
  4. 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, vol. 7(1), pages 625-650, March. [Downloadable!] (restricted)
    Other versions:
  5. Fernando Ossa, 2003. "Los Bancos Centrales como Prestamistas de Última Instancia," Cuadernos de Economía (Latin American Journal of Economics), Instituto de Economía. Pontificia Universidad Católica de Chile., vol. 40(120), pages 323-335. [Downloadable!]
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