Bagehot revisited

After a number of relatively calm years, the credit crunch that has afflicted the world's major financial markets since August last year, has once again brought to the fore some of the key policy issues pertaining to the central bank's role as lender of last resort. The conventional wisdom, with its origins in writing of Walter Bagehot (1873), is that a central bank should stand ready to provide loans of last resort to a bank experiencing liquidity difficulties, provided that a.) the central

To continue reading...

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: