PUBLICATIONS
Books
The Independent Review
(Quarterly Journal)
Policy Reports
The Lighthouse
(Email Newsletter)
Commentary Articles
News Releases
Audio and Visual Programs
The Independent
(Quarterly Newsletter)
Research Articles
Working Papers
Course Adoption Program




Subscribe



Commentary
Facebook Facebook Facebook Facebook

Contribute
Your participation will advance liberty. Join us as an Independent Institute member.



Contact Us
The Independent Institute
100 Swan Way
Oakland, CA 94621-1428

510-632-1366 Phone
510-568-6040 Fax
Send us email


Interested in working with us?  Click here for more information.

Bookmark and Share    

Bagehot’s Lender of Last Resort: A Hollow Hallowed Tradition
By John H. Wood
This article appeared in the Winter 2003 issue of The Independent Review


Abstract

Nineteenth-century financial writer Walter Bagehot is often credited for recommending that central banks shore up the banking system by acting as lender of last resort to troubled banks. Contrary to the conventional wisdom, however, the Bank of England helped foster British financial stability in the late nineteenth and early twentieth centuries by ignoring that piece of advice.




Volume 7 Number 3
Winter 2003

Subscribe Today

Buy Single Issues

Independent Review Issues

Articles by Subject

Independent Review Articles on Related Subjects




Home | About Us | Blogs | Issues | Newsroom | Multimedia | Events | Publications | Centers | Students | Store | Donate

Product Catalog | RSS | Jobs | Course Adoption | Links | Privacy Policy | Site Map
Facebook Facebook Facebook Facebook
Copyright 2014 The Independent Institute