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Two Views Of The Lender Of Last Resort: Thornton And Bagehot

  • David LAIDLER

    ()

Henry Thornton and Walter Bagehot were both advocates of 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 this role 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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Article provided by L'Harmattan in its journal Cahiers d'économie Politique.

Volume (Year): (2003)
Issue (Month): 45 ()
Pages: 61-78

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Handle: RePEc:cpo:journl:y:2003:i:45:p:61-78
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