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LES APPROCHES CLASSIQUES DU PRtTEUR EN DERNIER RESSORT : DE BARING A HA WTREY

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  • Jerome de BOYER

    ()

  • Ricardo SOLIS ROSALES

    ()

Abstract

There is not a single classical approach to the lender of last resort, but several classical approaches to the lender of last resort. They have been successively developed by Baring, Thornton, the Banking School, Bagehot and Hawtrey. If these approaches converge in stressing that the lender of last resort only intervenes in favour of illiquid but solvent banks, they diverge concerning the link between currency and credit, the discount rate policy, the analysis of the causes of its intervention and the nature of what it lends. Moreover, Hawtrey developed the foundations of the analysis of the international lender of last resort.

Suggested Citation

  • Jerome de BOYER & Ricardo SOLIS ROSALES, 2003. "LES APPROCHES CLASSIQUES DU PRtTEUR EN DERNIER RESSORT : DE BARING A HA WTREY," Cahiers d’économie politique / Papers in Political Economy, L'Harmattan, issue 45, pages 79-100.
  • Handle: RePEc:cpo:journl:y:2003:i:45:p:79-100
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    JEL classification:

    • B00 - Schools of Economic Thought and Methodology - - General - - - History of Economic Thought, Methodology, and Heterodox Approaches
    • E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General
    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General

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