Two Views Of The Lender Of Last Resort: Thornton And Bagehot
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.
Volume (Year): (2003)
Issue (Month): 45 ()
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