Northern Rock: a Case Study

Dimitris N. Chorafas
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Dimitris N. Chorafas: New York Academy of Sciences

Chapter 7 in Financial Boom and Gloom, 2009, pp 164-179 from Palgrave Macmillan

Abstract: Abstract According to financial history books, the concept of lender of last resort dates back to 1797, when Francis Baring so described the Bank of England. A century later, the Bank of England (BoE) obliged by saving his institution from bankruptcy, but it did not repeat the gesture a second time in 1995, and the venerable Barings Bank went bankrupt; several economists applauded the decision not to intervene.

Keywords: Credit Risk; Hedge Fund; European Central Bank; Money Market; Credit Institution (search for similar items in EconPapers)
Date: 2009
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Persistent link: https://EconPapers.repec.org/RePEc:pal:pmschp:978-0-230-23583-0_7

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DOI: 10.1057/9780230235830_7

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