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The Lender of Last Resort: Lessons from Canadian History

In: Canadian Policy Debates and Case Studies in Honour of David Laidler

Author

Listed:
  • Angela Redish
  • Neil Skaggs

Abstract

Since at least the early nineteenth century, the merits of a lender of last resort for the financial system have been a matter of both theoretical and empirical debate. The debate has naturally included definitional issues — what is a lender of last resort, and competing interpretations of historical events and, for some, the larger question about the necessity for government institutions in a market economy. The goal of this essay is to review some of the recent theoretical literature on the lender of last resort and, since that review concludes that the necessity for, and desirable characteristics of, a lender of last resort depend on the empirical values of a variety of parameters, to examine historical evidence in the light of the theoretical frameworks.

Suggested Citation

  • Angela Redish & Neil Skaggs, 2010. "The Lender of Last Resort: Lessons from Canadian History," Palgrave Macmillan Books, in: Robert Leeson (ed.), Canadian Policy Debates and Case Studies in Honour of David Laidler, chapter 3, pages 80-99, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-27430-3_3
    DOI: 10.1057/9780230274303_3
    as

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