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 2. Selection from Thornton's 'Paper Credit' 3. Selection from Marianne Thornton's Letters 4. Selection from Joplin 5. Selection from Bagehot 6. The Gibbs-Price Correspondence 7. 'The Lender of Last Resort' from The Art of Central Banking 8. 'Theory of Central Banks of Issue' in C. Rist History of Monetary and Credit Theory 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 10. 'The Lender of Last Resort' in FRB of Richmond Economic Review 11. 'The Lender of Last Resort: Alternative Views and Historical Experience' in FRB of Richmond Economic Review 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 13. 'Some Myths About the Lender of Last Resort' in International Finance, Vol. 2, No. 3 14. 'The Lender of Last Resort: Pushing the Doctrine too Far' in F.H. Capie & G.E. Wood eds. Monetary Economics in the 1990s 15. 'The Bagehot Problem' 16. 'The Lender of Last Resort Reconsidered' in Journal of Financial Services Research 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 18. 'On the Need for an International Lender of Last Resort' in Journal of Economic Perspectives, Vol. 13, No. 4 19. 'The IMF’s Role as Lender of Last Resort' in Cato Journal 20a. 'Evidence to Committee on Banking' 20b. 'Is There a Need for an International Lender of Last Resort?' in Cato Journal 20c. 'Earmarks of a Lender of Last Resort' in Economic Directions