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TWO VIEWS OF THE LENDER OF LAST RESORT: THORNTON AND BAGEHOT

David Laidler ()

Cahiers d’économie politique / Papers in Political Economy, 2003, issue 45, 61-78

Abstract: Henry Thornton and Walter Bagehot were both advocates of the Bank of England's role as a lender of last resort, but they differed on many details of the case. Where Bagehot thought that this role was purely the product of a specific monopoly privileges, Thornton also saw it as the desirable and natural outcome of the operations of banking; where Bagehot located the productivity of banking in credit markets, Thornton stressed the importance of liability side of the system's balance sheet; and where Bagehot took the desirability of gold convertibility for granted, Thornton was willing to trade off this goal against the maintenance of monetary stability.

JEL-codes: B10 E40 E50 (search for similar items in EconPapers)
Date: 2003
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Working Paper: Two Views of the Lender of Last Resort: Thornton and Bagehot (2002) Downloads
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