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Principles, circumstances and constraints: the Nationalbank as lender of last resort from 1816 to 1931

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  • Clemens Jobst

    (Oesterreichische Nationalbank, Economic Analysis Division)

  • Kilian Rieder

Abstract

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Suggested Citation

  • Clemens Jobst & Kilian Rieder, 2016. "Principles, circumstances and constraints: the Nationalbank as lender of last resort from 1816 to 1931," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue 3, pages 140-162.
    • Handle: RePEc:onb:oenbmp:y:2016:i:3:b:7
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    File URL: https://www.oenb.at/dam/jcr:ce383d85-91a4-4b23-b176-d47eaf91f3a7/mop_2016_q3_in_focus_07_Jobst_Rieder.pdf
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    References listed on IDEAS

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    4. Clemens Jobst & Helmut Stix, 2016. "Florin, crown, schilling and euro: an overview of 200 years of cash in Austria," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue 3, pages 94-119.
    5. Gaetano Antinolfi & Francesca Carapella & Charles Kahn & Antoine Martin & David Mills & Ed Nosal, 2015. "Repos, Fire Sales, and Bankruptcy Policy," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 18(1), pages 21-31, January.
    6. Naqvi, Hassan, 2015. "Banking crises and the lender of last resort: How crucial is the role of information?," Journal of Banking & Finance, Elsevier, vol. 54(C), pages 20-29.
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    15. Vincent Bignon & Marc Flandreau & Stefano Ugolini, 2009. "Bagehot for beginners: The making of lending of last resort operations in the mid-19th century," Working Paper 2009/22, Norges Bank.
    16. Adam Copeland & Antoine Martin & Michael Walker, 2014. "Repo Runs: Evidence from the Tri-Party Repo Market," Journal of Finance, American Finance Association, vol. 69(6), pages 2343-2380, December.
    17. Gorton, Gary & Metrick, Andrew, 2012. "Securitized banking and the run on repo," Journal of Financial Economics, Elsevier, vol. 104(3), pages 425-451.
    18. V. Bignon & C. Jobst, 2017. "Economic Crises and the Eligibility for the Lender of Last Resort: Evidence from 19th century France," Working papers 618, Banque de France.
    19. Gary B. Gorton, 2016. "The History and Economics of Safe Assets," NBER Working Papers 22210, National Bureau of Economic Research, Inc.
    20. Oehmke, Martin, 2014. "Liquidating illiquid collateral," LSE Research Online Documents on Economics 84518, London School of Economics and Political Science, LSE Library.
    21. Marc Flandreau & Stefano Ugolini, 2014. "The Crisis of 1866," Post-Print hal-01293925, HAL.
    22. Fabio Castiglionesi & Wolf Wagner, 2012. "Turning Bagehot on His Head: Lending at Penalty Rates When Banks Can Become Insolvent," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 44(1), pages 201-219, February.
    23. Jobst, Clemens & Ugolini, Stefano, 2014. "The coevolution of money markets and monetary policy, 1815-2008," Working Paper Series 1756, European Central Bank.
    24. Franklin Allen & Ana Babus & Elena Carletti, 2009. "Financial Crises: Theory and Evidence," Annual Review of Financial Economics, Annual Reviews, vol. 1(1), pages 97-116, November.
    25. Vincent Bignon & Marc Flandreau & Stefano Ugolini, 2012. "Bagehot for beginners: the making of lender‐of‐last‐resort operations in the mid‐nineteenth century," Economic History Review, Economic History Society, vol. 65(2), pages 580-608, May.
    26. Buyst, Erik & Maes, Ivo, 2008. "Central banking in nineteenth-century Belgium: was the NBB a lender of last resort?," Financial History Review, Cambridge University Press, vol. 15(2), pages 153-173, October.
    27. Bindseil, Ulrich, 2014. "Monetary Policy Operations and the Financial System," OUP Catalogue, Oxford University Press, number 9780198716907, Decembrie.
    28. Walpurga Köhler-Töglhofer & Doris Prammer & Lukas Reiss, 2016. "The financial relations between the Nationalbank and the government," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue 3, pages 77-93.
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    Cited by:

    1. Marco Molteni & Dario Pellegrino, 2021. "Lessons from the Early Establishment of Banking Supervision in Italy (1926-1936)," Quaderni di storia economica (Economic History Working Papers) 48, Bank of Italy, Economic Research and International Relations Area.
    2. Clemens Jobst & Kilian Rieder, 2023. "Supervision without regulation: Discount limits at the Austro–Hungarian Bank, 1909–13," Economic History Review, Economic History Society, vol. 76(4), pages 1074-1109, November.
    3. Clemens Jobst & Helmut Stix, 2016. "Florin, crown, schilling and euro: an overview of 200 years of cash in Austria," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue 3, pages 94-119.
    4. Kilian Rieder & Michael Anson & David Bholat & Miao Kang & Ryland Thomas, 2018. "Frosted glass or raised eyebrow? Testing the Bank of England’s discount window policies during the crisis of 1847," Working Papers 18020, Economic History Society.
    5. Anson, Mike & Bholat, David & Kang, Miao & Rieder, Kilian & Thomas, Ryland, 2019. "The Bank of England and central bank credit rationing during the crisis of 1847: frosted glass or raised eyebrows?," Bank of England working papers 794, Bank of England.

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    More about this item

    Keywords

    central bank; Austria; Oesterreichische Nationalbank; lender of last resort; financial crisis; banking crisis; credit rationing; liquidity crisis; bank run; moral hazard; Bagehot;
    All these keywords.

    JEL classification:

    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • G01 - Financial Economics - - General - - - Financial Crises
    • N13 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: Pre-1913
    • N14 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: 1913-

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