The Lender of Last Resort: Lessons from Canadian History

Angela Redish and Neil Skaggs

Chapter 3 in Canadian Policy Debates and Case Studies in Honour of David Laidler, 2010, pp 80-99 from Palgrave Macmillan

Abstract: 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.

Keywords: Central Bank; Banking System; Deposit Insurance; Bank Failure; Note Issue (search for similar items in EconPapers)
Date: 2010
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-27430-3_3

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DOI: 10.1057/9780230274303_3

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