Lessons of the past and prospects for the future in lender of last resort theory

Walker F. Todd

No 8805, Working Papers (Old Series) from Federal Reserve Bank of Cleveland

Abstract: A history of the changes in the theory of the role of the lender of last resort--as a source of solvency versus liquidity support--and a discussion of the distinction between necessity and convenience (the American and European versions of lender of last resort theory) in mounting rescue operations through the central bank.

Keywords: Discount window; Banks and banking, Central; Federal Reserve System - History; lenders of last resort (search for similar items in EconPapers)
Date: 1988
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