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

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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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.

Read More Show Less

Product Details

  • ISBN-13: 9780199247219
  • Publisher: Oxford University Press, USA
  • Publication date: 1/28/2002
  • Pages: 578
  • Product dimensions: 6.10 (w) x 9.20 (h) x 1.30 (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, Charles Goodhart and Gerhard Illing
2. Lender of Last Resort: A Review of the Literature, Xavier Freixas, Curzio Giannini, Glenn Hoggarth, and Farouk Soussa
Part I: Historical Analysis
3. An Enquiry into the Nature and Effects of the Paper Credit of Great Britain (excerpts), Henry Thornton
4. A General View of Lombard Street (excerpts), Walter Bagehot
5. The Lender of Last Resort: A Historical Perspective, Thomas M. Humphrey and Robert Keleher
6. The Lender of Last Resort: Alternative Views and Historical Experience, Michael D. Bordo
7. The Central Banking Role of Clearinghouse Associations, Richard H. Timberlake, Jr.
Part II: Contemporary Analysis
8. Financial Deregulation, Monetary Policy, and Central Banking (excerpts), Marvin Goodfriend and Robert G. King
9. Lender of Last Resort: A Contemporary Perspective, George G. Kaufman
10. The Bagehot Problem, Fred Hirsch
11. On the Lender of Last Resort, Robert M. Solow
12. Financial Crises, Payment System Problems, and Discount Window Lending (excerpts), Mark J. Flannery
13. Myths about the Lender of Last Resort, Charles Goodhart
Part III. Back Runs and Contagion
14. Systemic Risk in Banking: A Survey, Olivier De Bandt and Philipp Hartmann
15. Bank Runs, Deposit Insurance, and Liquidity, Douglas W. Diamond and Philip H. Dybvig
16. Optimal Currency Crises, Franklin Allen and Douglas Gale
17. Banking Panics: The Role of the First-Come, First-Served Rule and Information Externalities, Yehning Chen
18. Financial Contagion, Franklin Allen and Douglas Gale
19. Systemic Risk, Interbank Relations, and Liquidity Provision by the Central Bank, Xavier Freixas, Bruno M. Parigi, and Jean-Charles Rochet
Part IV. An International Lender of Last Resort?
20. Can there be an International Lender-of-Last-Resort?, Forrest Capie
21. Earmarks of a Lender of Last Resort, Anna J. Schwartz
22. Meltzer Report of the International Financial Institution Advisory Committee, March 2000 (excerpts from Chapter 2)
23. The Asian Crisis: Lessons for Crisis Management and Prevention, Richard Brealey
24. On the Need for an International Lender of Last Resort, Stanley Fischer
25. Pitfalls in International Crisis Lending, Curzio Giannini
Index

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