Financial Crises, Contagion, and the Lender of Last Resort: A Reader

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Overview

Financial crises have become more frequent over the last two decades than they were previously. This book illuminates the fierce debate over how the monetary authorities should handle these crises by bringing together a selection of the best writings on the subject and by reflecting all viewpoints.

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Product Details

  • ISBN-13: 9780199247202
  • Publisher: Oxford University Press, USA
  • Publication date: 3/28/2002
  • Pages: 578
  • Product dimensions: 6.40 (w) x 9.20 (h) x 1.60 (d)

Meet the Author

Charles Goodhart is Professor of Banking and Finance at the London School of Economics and Political Science. Prior to this he was Chief Adviser at the Bank of England (1980 to 1985). Gerhard Illing is Professor of Economic Theory at the University of Frankfurt.

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Table of Contents

1 Introduction 1
2 Lender of Last Resort: A Review of the Literature 27
3 An Enquiry into the Nature and Effects of the Paper Credit of Great Britain 57
4 A General View of Lombard Street 67
5 The Lender of Last Resort: A Historical Perspective 73
6 The Lender of Last Resort: Alternative Views and Historical Experience 109
7 The Central Banking Role of Clearinghouse Associations 127
8 Financial Deregulation, Monetary Policy, and Central Banking 145
9 Lender of Last Resort: A Contemporary Perspective 169
10 The Bagehot Problem 187
11 On the Lender of Last Resort 201
12 Financial Crises, Payment System Problems, and Discount Window Lending 213
13 Myths about the Lender of Last Resort 227
14 Systemic Risk in Banking: A Survey 249
15 Bank Runs, Deposit Insurance, and Liquidity 299
16 Optimal Currency Crises 315
17 Banking Panics: The Role of the First-Come, First-Served Rule and Information Externalities 359
18 Financial Contagion 379
19 Systemic Risk, Interbank Relations, and Liquidity Provision by the Central Bank 407
20 Can there be an International Lender-of-Last-Resort? 437
21 Earmarks of a Lender of Last Resort 449
22 Meltzer Report of the International Financial Institution Advisory Committee, March 2000 461
23 The Asian Crisis: Lessons for Crisis Management and Prevention 471
24 On the Need for an International Lender of Last Resort 491
25 Pitfalls in International Crisis Lending 511
Index 547
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