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Two Views of the Lender of Last Resort: Thornton and Bagehot

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Henry Thornton and Walter Bagehot were both advocates of discretionary monetary policy, especially as regards the Bank of England's role as a lender of last resort, but they differed on many details of the case. Where Bagehot thought that the Bank's central position in the financial system was purely the product of a specific monopoly privileges, Thornton also saw it as the desirable and natural outcome of the operations of banking; where Bagehot located the productivity of banking in credit markets, Thornton stressed the importance of liability side of the system's balance sheet; and where Bagehot took the desirability of gold convertibility for granted, Thornton was willing to trade off this goal against the maintenance of monetary stability.

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Paper provided by University of Western Ontario, Department of Economics in its series UWO Department of Economics Working Papers with number 20029.

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Date of creation: Sep 2002
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Handle: RePEc:uwo:uwowop:20029

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Postal: Department of Economics, Reference Centre, Social Science Centre, University of Western Ontario, London, Ontario, Canada N6A 5C2
Phone: 519-661-2111 Ext.85244
Web page: http://economics.uwo.ca/research/research_papers/department_working_papers.html

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Cited by:
  1. Laurent Le Maux & Laurence Scialom, 2013. "Central banks and financial stability: rediscovering the lender-of-last-resort practice in a finance economy," Cambridge Journal of Economics, Oxford University Press, vol. 37(1), pages 1-16.
  2. de Boyer des Roches, Jérôme & Gomez Betancourt, Rebeca, 2010. "How did the US Monetary System work under the National Banking System (1863-1913) ?," Economics Papers from University Paris Dauphine 123456789/6554, Paris Dauphine University.
  3. Poomjai Nacaskul & Kritchaya Janjaroen & Suparit Suwanik, 2012. "Economic Rationales for Central Banking: Historical Evolution, Policy Space, Institutional Integrity, and Paradigm Challenges," Working Papers 2012-04, Economic Research Department, Bank of Thailand.
  4. Antoine Martin, 2008. "Reconciling Bagehot with the Fed's response to September 11," Staff Reports 217, Federal Reserve Bank of New York.
  5. Arie Arnon, 2007. "The Early Round Of The Bullionist Debate 1800-1802: Boyd, Baring And Thornton’S Innovative Ideas," Working Papers 0714, Ben-Gurion University of the Negev, Department of Economics.
  6. de Boyer des Roches, Jérôme, 2009. "Bank liquidity risk, from John Law (1705) to Walter Bagehot (1873)," Economics Papers from University Paris Dauphine 123456789/4152, Paris Dauphine University.
  7. Antoine Martin, 2002. "Reconciling Bagehot with the Fed's response to Sept. 11," Research Working Paper RWP 02-10, Federal Reserve Bank of Kansas City.

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