| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP13556 |
| DP13556 At Your Service! Liquidity Provision and Risk Management in 19th Century France | |
| Maylis Avaro; Vincent Bignon | |
| 发表日期 | 2019-02-28 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | This paper uses a historical study to show a solution to the trade-off faced by central banks between providing liquidity to a broad group of financial intermediaries and the risk that this easy access may fuel moral hazard. In late 19th century the Bank of France operated a very wide discount window and used a variety of risk management techniques to effectively subdue risk-taking behaviors and to protect its balance sheet from taking any loss. This allowed agents to monetize a very diverse set of capital while limiting the risk of bail-out. We show that this effectively helped the central bank to stabilize the economy from the consequences of negative income shocks. |
| 主题 | Economic History |
| 关键词 | Lender of last resort Central bank Discount window Retail and shadow banks |
| URL | https://cepr.org/publications/dp13556 |
| 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/542411 |
| 推荐引用方式 GB/T 7714 | Maylis Avaro,Vincent Bignon. DP13556 At Your Service! Liquidity Provision and Risk Management in 19th Century France. 2019. |
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