The Domestic Lender of Last Resort

Charles P. Kindleberger and Robert Z. Aliber

Chapter 11 in Manias, Panics and Crashes, 2005, pp 195-210 from Palgrave Macmillan

Abstract: 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 now has become thoroughly anglicized, and in central-banking English places the emphasis on the responsibilities of the lender rather than the rights of the borrower or petitioner.

Keywords: Central Bank; Federal Reserve; Money Supply; Government Bond; Cash Holding (search for similar items in EconPapers)
Date: 2005
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DOI: 10.1057/9780230628045_11

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