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The Domestic Lender of Last Resort

In: Manias, Panics, and Crashes

Author

Listed:
  • Robert Z. Aliber

    (University of Chicago)

  • Charles P. Kindleberger

    (Massachusetts Institute of Technology)

Abstract

The hallmark in the development of ‘the Art of Central Banking’ over the last two hundred years has been the evolution of the concept of ‘a lender of last resort’. The expression comes from the French dernier ressort, and centers on the last legal jurisdiction to which a petitioner can take an appeal. The term has become thoroughly anglicized, and now the emphasis is on the responsibilities of the lender rather than the rights of the borrower.

Suggested Citation

  • Robert Z. Aliber & Charles P. Kindleberger, 2015. "The Domestic Lender of Last Resort," Palgrave Macmillan Books, in: Manias, Panics, and Crashes, edition 0, chapter 12, pages 260-278, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-52574-1_13
    DOI: 10.1007/978-1-137-52574-1_13
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