The lender of last resort concept: from Bagehot to the crisis of 2007
The crisis that has unfolded since the summer of 2007 has provided an opportunity to experiment in vivo one of the most important pillars of economic theory: the lender of last resort (LOLR). We begin by examining the LOLR from a theoretical point of view, and describe its fundamental principles. We...
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| Format: | Article |
| Language: | English |
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Association Recherche & Régulation
2010-12-01
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| Series: | Revue de la Régulation |
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| Online Access: | https://journals.openedition.org/regulation/8903 |
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| author | Esther Jeffers |
| author_facet | Esther Jeffers |
| author_sort | Esther Jeffers |
| collection | DOAJ |
| description | The crisis that has unfolded since the summer of 2007 has provided an opportunity to experiment in vivo one of the most important pillars of economic theory: the lender of last resort (LOLR). We begin by examining the LOLR from a theoretical point of view, and describe its fundamental principles. We then try to understand the nature of the crisis, as well as how it was managed both from a European and an American LOLR perspective. We take up the main difficulties encountered by crisis management and try to draw the principal conclusions of what we have learned concerning actions taken by the lender of last resort in a globalized world. |
| format | Article |
| id | doaj-art-c2125a16c1b84260ace35bcee88332be |
| institution | Kabale University |
| issn | 1957-7796 |
| language | English |
| publishDate | 2010-12-01 |
| publisher | Association Recherche & Régulation |
| record_format | Article |
| series | Revue de la Régulation |
| spelling | doaj-art-c2125a16c1b84260ace35bcee88332be2025-01-30T14:27:17ZengAssociation Recherche & RégulationRevue de la Régulation1957-77962010-12-01810.4000/regulation.8903The lender of last resort concept: from Bagehot to the crisis of 2007Esther JeffersThe crisis that has unfolded since the summer of 2007 has provided an opportunity to experiment in vivo one of the most important pillars of economic theory: the lender of last resort (LOLR). We begin by examining the LOLR from a theoretical point of view, and describe its fundamental principles. We then try to understand the nature of the crisis, as well as how it was managed both from a European and an American LOLR perspective. We take up the main difficulties encountered by crisis management and try to draw the principal conclusions of what we have learned concerning actions taken by the lender of last resort in a globalized world.https://journals.openedition.org/regulation/8903Lender of last resortCentral banksystemic crisis |
| spellingShingle | Esther Jeffers The lender of last resort concept: from Bagehot to the crisis of 2007 Revue de la Régulation Lender of last resort Central bank systemic crisis |
| title | The lender of last resort concept: from Bagehot to the crisis of 2007 |
| title_full | The lender of last resort concept: from Bagehot to the crisis of 2007 |
| title_fullStr | The lender of last resort concept: from Bagehot to the crisis of 2007 |
| title_full_unstemmed | The lender of last resort concept: from Bagehot to the crisis of 2007 |
| title_short | The lender of last resort concept: from Bagehot to the crisis of 2007 |
| title_sort | lender of last resort concept from bagehot to the crisis of 2007 |
| topic | Lender of last resort Central bank systemic crisis |
| url | https://journals.openedition.org/regulation/8903 |
| work_keys_str_mv | AT estherjeffers thelenderoflastresortconceptfrombagehottothecrisisof2007 AT estherjeffers lenderoflastresortconceptfrombagehottothecrisisof2007 |