| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP10361 |
| DP10361 Fighting the Last War: Economists on the Lender of Last Resort | |
| Richard Grossman | |
| 发表日期 | 2015-01-25 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | In this paper we trace the evolution of the lender of last resort doctrine?and its implementation?from the nineteenth century through the panic of 2008. We find that typically the most influential economists ?fight the last war?: formulating policy guidelines that would have dealt effectively with the last crisis or in some cases the last two or three. This applies even to the still supreme voice among lender-of-last-resort theorists, Walter Bagehot, who wrestled with the how to deal with the financial crises that hit Britain between the end of the Napoleonic Wars and the panic of 1866. Fighting the last war may leave economists unprepared for meeting effectively the challenge of the next war. |
| 主题 | Economic History |
| 关键词 | Bagehot Bank of england Central banks Lender of last resort Subprime crisis |
| URL | https://cepr.org/publications/dp10361 |
| 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/539192 |
| 推荐引用方式 GB/T 7714 | Richard Grossman. DP10361 Fighting the Last War: Economists on the Lender of Last Resort. 2015. |
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