The capacity of national central banks to 'step in' and bail out an economy is one which has proved to be vitally important over the years. This collection from Wood and Capie brings together important literature for the first time in book form.
Section One: The Classics 1. Opening Quotation from Francis Baring F. Baring 2. Selection from Thornton's 'Paper Credit' Thornton 3. Selection from Marianne Thornton's Letters Forster 4. Selection from Joplin Joplin 5. Selection from Bagehot Bagehot 6. The Gibbs-Price Correspondence Gibbs and Price 7. 'The Lender of Last Resort' from The Art of Central Banking Hawtrey 8. 'Theory of Central Banks of Issue' in C. Rist History of Monetary and Credit Theory Rist Section Two: Modern Articles with a Domestic Focus 9. 'Real and Pseudo Financial Crises' in F.H. Capie and G.E. Wood eds. Financial Crises and the World Banking System Schwartz 10. 'The Lender of Last Resort' FRB of Richmond Economic Review Humphrey 11. 'The Lender of Last Resort: Alternative Views and Historical Experience' FRB of Richmond Economic Review Bordo 12. 'Emergence of the Bank of England as Mature Central Bank' in D. Winch and P.K. O'Brien eds. Political Economy of British Historical Experience, 1688-1914 Capie 13. 'Some Myths about the Lender of Last Resort' International Finance, Vol. 2, No. 3 Goodhart 14. 'The Lender of Last Resort: Pushing the Doctrine too Far' in F.H. Capie & G.E. Wood eds. Monetary Economics in the 1990s Kindleberger 15. 'The Bagehot Problem' Hirsch 16. 'The Lender of Last Resort Reconsidered' Journal of Financial Services Research Wood Section Three: International 17. 'Bagehot and the Theory of Central Banking' in F.H. Capie & G.E. Wood eds. Financial Crises and the World Banking System Rockoff 18. 'On the Need for an International Lender of Last Resort' Journal of Economic Perspectives, Vol. 13, No. 4 Fischer 19. 'The IMF’s Role as Lender of Last Resort' Cato Journal Calomiris 20a. 'Evidence to Committee on Banking' Schwartz 20b. 'Is There a Need for an International Lender of Last Resort?' Cato Journal Schwartz 20c. 'Earmarks of a Lender of Last Resort' Economic Directions Schwartz
Biography
Forrest Capie, Geoffrey E. Wood
