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Financial Instability and International-Lender-of-Last-Resort Theory from the Gold Standard to the Dollar System

Author

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  • Carré Emmanuel

    (Université de Bretagne Sud, UFR DSEG Campus de Tohannic, Rue André Lwoff, CS 60573, F-56 017, Vannes Cedex, France)

  • Le Maux Laurent

    (, 10, Avenue du Maine, F-75015, Paris, France)

Abstract

We identify two approaches to financial crises in the history of political economy, namely, the exogenous approach whereby financial crises are sudden events, and the endogenous approach whereby they arise from a long process. In focusing on the endogenous approach, we study the contributions by Thomas Tooke, Ralph Hawtrey, Hyman Minsky and Charles Kindleberger to the lender-of-last-resort theory, especially in international contexts, under the gold standard and the dollar system. The function of the lender of last resort broadens institutionally (depending on the type of securities and on the institutions issuing or holding them) and internationally (depending on jurisdiction and on the type of institutions ultimately requiring international liquidity).

Suggested Citation

  • Carré Emmanuel & Le Maux Laurent, 2022. "Financial Instability and International-Lender-of-Last-Resort Theory from the Gold Standard to the Dollar System," Jahrbuch für Wirtschaftsgeschichte / Economic History Yearbook, De Gruyter, vol. 63(2), pages 311-344, November.
    • Handle: RePEc:bpj:jbwige:v:63:y:2022:i:2:p:311-344:n:11
    DOI: 10.1515/jbwg-2022-0012
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    Keywords

    International lender of last resort; gold standard; dollar system; financial instability; Goldstandard; Dollarsystem; finanzielle Instabilität;
    All these keywords.

    JEL classification:

    • B - Schools of Economic Thought and Methodology
    • E - Macroeconomics and Monetary Economics
    • F - International Economics
    • G - Financial Economics

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