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The lender of last resort : alternative views and historical experience

Author

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  • Michael D. Bordo

Abstract

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.

Suggested Citation

  • Michael D. Bordo, 1990. "The lender of last resort : alternative views and historical experience," Economic Review, Federal Reserve Bank of Richmond, issue Jan, pages 18-29.
    • Handle: RePEc:fip:fedrer:y:1990:i:jan:p:18-29:n:v.76no.1
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    References listed on IDEAS

    as
    1. 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(2), pages 405-417, June.
    2. Marvin Goodfriend & Robert G. King, 1988. "Financial deregulation, monetary policy, and central banking," Economic Review, Federal Reserve Bank of Richmond, issue May, pages 3-22.
    3. Marvin Goodfriend, 1991. "Money, credit, banking, and payments system policy," Economic Review, Federal Reserve Bank of Richmond, issue Jan, pages 7-23.
    4. Hasan, I. & Dwyer, Jr.G.P., 1988. "Contagious Bank Runs In The Free Banking Period," Papers 22, Houston - Department of Economics.
    5. Milton Friedman & Anna J. Schwartz, 1963. "A Monetary History of the United States, 1867–1960," NBER Books, National Bureau of Economic Research, Inc, number frie63-1, December.
    6. Timberlake, Richard H, Jr, 1984. "The Central Banking Role of Clearinghouse Associations," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 16(1), pages 1-15, February.
    7. Arthur J. Rolnick & Warren E. Weber, 1986. "Inherent Instability in Banking: The Free Banking Experience," Cato Journal, Cato Journal, Cato Institute, vol. 5(3), pages 877-890, Winter.
    8. Hirsch, Fred, 1977. "The Bagehot Problem," The Manchester School of Economic & Social Studies, University of Manchester, vol. 45(3), pages 241-257, September.
    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. 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 221-231, May.
    11. Weber, Ernst Juerg, 1988. "Currency Competition in Switzerland, 1826-1850," Kyklos, Wiley Blackwell, vol. 41(3), pages 459-478.
    12. Oskar Morgenstern, 1959. "International Financial Transactions and Business Cycles," NBER Books, National Bureau of Economic Research, Inc, number morg59-1, December.
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