Walter Bagehot
Central banks should intervene with a ‘market backstop’ – paper
New research suggests optimal policy response to market freezes
Book notes: The Japanese central banking system compared with its European and American counterparts, by Yoshiharu Oritani
The book has “no equal” in reviewing new microeconomic theory for central banking
The Bank of Italy’s approach to risk-based budgeting
The financial crisis blurred the lines between Anglo-Saxon and continental European central bank models, presenting challenges when treating both the sources of risk and risk-bearing capacity using financial and accounting budgeting techniques
Book notes: Respectable banking, by Anthony Hotson
The author’s sensible goal of “respectable banking” is admirable, but the recommendations would not all help to achieve this
A new and explicit policy on liquidity provision
The Bank of England's new rules on liquidity provision reflect much closer regulation of banks' liquidity policies and a desire to avoid the mistakes of the crisis
Crisis prompted both ‘re-discovery' and overhaul of CBs' emergency liquidity
Walter Bagehot's dictum to lend freely at high interest rates and against good collateral during a financial panic was revived, then altered during the crisis, according to Thomas Baxter of the NY Fed
Lender of last resort function essential: Norges Bank’s Qvigstad
Norges Bank deputy governor Jan Qvigstad says central bank’s lender of last resort role was critical during the financial crisis
Bagehot revisited
The credit crisis has underlined the limited effectiveness of central banks’ lender-of-last-resort function, argues Bruce White
Why prevention is better than cure
Does delay in closing a bank make a crisis worse? Not necessarily so, says Charles Goodhart, who examines the case for and against with reference to recent financial crises and near-crises