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The lender of last resort : alternative views and historical experience

  • Michael D. Bordo

Four views on the proper role of the lender of last resort are defined. Historical evidence is given on the causes of banking panics in the U.S. and other countries and the roles lenders of last resort played in resolving them.

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File URL: https://fraser.stlouisfed.org/docs/publications/frbrichreview/rev_frbrich199001.pdf
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Article provided by Federal Reserve Bank of Richmond in its journal Economic Review.

Volume (Year): (1990)
Issue (Month): Jan ()
Pages: 18-29

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Handle: RePEc:fip:fedrer:y:1990:i:jan:p:18-29:n:v.76no.1
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  1. Marvin S. Goodfriend, 1988. "Money, credit, banking, and payment system policy," Proceedings, Federal Reserve Bank of Richmond, pages 247-284.
  2. Weber, Ernst Juerg, 1988. "Currency Competition in Switzerland, 1826-1850," Kyklos, Wiley Blackwell, vol. 41(3), pages 459-78.
  3. Bordo, Michael D. & Redish, Angela, 1987. "Why Did the Bank of Canada Emerge in 1935?," The Journal of Economic History, Cambridge University Press, vol. 47(02), pages 405-417, June.
  4. Hasan, I. & Dwyer, Jr.G.P., 1988. "Contagious Bank Runs In The Free Banking Period," Papers 22, Houston - Department of Economics.
  5. Oskar Morgenstern, 1959. "International Financial Transactions and Business Cycles," NBER Books, National Bureau of Economic Research, Inc, number morg59-1, December.
  6. Marvin Goodfriend & Robert G. King, 1988. "Financial deregulation, monetary policy, and central banking," Working Paper 88-01, Federal Reserve Bank of Richmond.
  7. Arthur J. Rolnick & Warren E. Weber, 1985. "Inherent instability in banking: the free banking experience," Working Papers 275, Federal Reserve Bank of Minneapolis.
  8. Cowen, Tyler & Kroszner, Randall, 1989. "Scottish Banking before 1845: A Model for Laissez-Faire?," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 21(2), pages 221-31, May.
  9. Michael D. Bordo, 1981. "The classical gold standard: some lessons for today," Review, Federal Reserve Bank of St. Louis, issue May, pages 2-17.
  10. Hirsch, Fred, 1977. "The Bagehot Problem," The Manchester School of Economic & Social Studies, University of Manchester, vol. 45(3), pages 241-57, September.
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