The Lender of Last Resort: Some Historical Insights
Michael Bordo ()
No 3011, NBER Working Papers from National Bureau of Economic Research, Inc
This paper discusses the role for a lender of last resort (LLR) in preventing banking panics (section I) , then briefly considers classical and more recent concepts of the LLR (section II). Section III examines historical evidence for the U.S. and other countries on the incidence of banking panics and LLR actions, and the record of alternative LLR arrangements in the U.S., Scotland and Canada, as well as the historical record on ailouts. Section IV offers some lessons from history.
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Published as "The Lender of Last Resort: Alternative Views and Historical Experience." Economic Review (Federal Reserve Bank of Richmond), Vol. 76/1, pp. 18-29, (January/February 1990).
Published as Michael D. Bordo, 1989. "The lender of last resort: some historical insights," Proceedings, Federal Reserve Bank of Chicago, pages 177-197.
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