| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w20083 |
| 来源ID | Working Paper 20083 |
| Floating a \"Lifeboat\": The Banque de France and the Crisis of 1889 | |
| Pierre-Cyrille Hautcoeur; Angelo Riva; Eugene N. White | |
| 发表日期 | 2014-05-01 |
| 出版年 | 2014 |
| 语种 | 英语 |
| 摘要 | When faced with a run on a "systemically important" but insolvent bank in 1889, the Banque de France pre-emptively organized a lifeboat to ensure that depositors were protected and an orderly liquidation could proceed. To protect the Banque from losses on its lifeboat loan, a guarantee syndicate was formed, penalizing those who had participated in the copper speculation that had caused the crisis bringing the bank down. Creation of the syndicate and other actions were consistent with mitigating the moral hazard from such an intervention. This episode contrasts the advice given by Bagehot to the Bank of England to counter a panic by lending freely at a high rate on good collateral, allowing insolvent institutions to fail. |
| 主题 | Macroeconomics ; Monetary Policy ; Financial Economics ; History ; Macroeconomic History ; Financial History |
| URL | https://www.nber.org/papers/w20083 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/577757 |
| 推荐引用方式 GB/T 7714 | Pierre-Cyrille Hautcoeur,Angelo Riva,Eugene N. White. Floating a \"Lifeboat\": The Banque de France and the Crisis of 1889. 2014. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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