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• (author = "Rochet, Jean-Charles")
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Coordination failures and the lender of last resort: was Bagehot right after all?

Author(s) : Rochet, Jean-Charles , Vives, Xavier
Description : The classical doctrine of the Lender of Last Resort, elaborated by Thornton (1802) and Bagehot (1873), asserts that the Central Bank should lend to “illiquid but solvent” banks under certain conditions. Several authors have argued that this view is now obsolete: when interbank markets are e¢cient, a...
Repository : LSE Research Online , View repository documents
Language(s) : Undetermined
Subject(s) : HG Finance , HB Economic Theory
Publisher(s) : Financial Markets Group, London School of Economics and Political Science
Contributor(s) :
Source(s) :
Publication Date(s) : 2002-02-01