| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP8362 |
| DP8362 Where It All Began: Lending of Last Resort and the Bank of England during the Overend, Gurney Panic of 1866 | |
| Marc Flandreau; Stefano Ugolini | |
| 发表日期 | 2011-04-01 |
| 出版年 | 2011 |
| 语种 | 英语 |
| 摘要 | In this article, we use the original ledgers of the Bank of England to document which institutions received liquidity during the crisis of 1866. The so-called Overend-Gurney panic is when the Bank began adopting lending of last resort policies (Bignon, Flandreau and Ugolini 2011). We compare 1865 (a 'normal'? year) to 1866. Important findings include: (a) the statistical predominance of foreign bills in the material brought to the Bank of England; (b) the correlation between the geography of bills and British trade patterns; (c) a marked contrast between normal times lending and crisis lending in that main financial intermediaries and the 'shadow banking system'? only showed up at the Bank's window during crises; (d) the importance of money market investors (bills brokers) as chief conduit of liquidity provision in crisis; (e) the importance of Bank of England's supervisory policies in ensuring lending-of-last-resort operations without enhancing moral hazard. These features call for important and interesting parallels with recent policies adopted by the Federal Reserve to deal with the sub-prime crisis. |
| 主题 | International Macroeconomics |
| 关键词 | Bagehot Central banking Lending of last resort Shadow banking system |
| URL | https://cepr.org/publications/dp8362 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/537189 |
| 推荐引用方式 GB/T 7714 | Marc Flandreau,Stefano Ugolini. DP8362 Where It All Began: Lending of Last Resort and the Bank of England during the Overend, Gurney Panic of 1866. 2011. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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