Financial Crises, Contagion, and the Lender

This title includes the following features: Covers a subject of immediatepolicy relevance and unresolved debate; Collects together some of the bestcontributions to the field

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.

Introduction

1

(26)

Charles Goodhart

Gerhard Illing

Lender of Last Resort: A Review of the Literature

27

(30)

Xavier Freixas

Curzio Giannini

Glenn Hoggarth

Farouk Soussa

PART I. HISTORICAL ANALYSIS

An Enquiry into the Nature and Effects of the Paper Credit of Great Britain (excerpts)

57

(10)

Henry Thornton

A General View of Lombard Street (excerpts)

67

(6)

Walter Bagehot

The Lender of Last Resort: A Historical Perspective

73

(36)

Thomas M. Humphrey

Robert E. Keleher

The Lender of Last Resort: Alternative Views and Historical Experience

109

(18)

Michael D. Bordo

The Central Banking Role of Clearinghouse Associations

127

(18)

Richard H. Timberlake, Jr.

PART II. CONTEMPORARY ANALYSIS

Financial Deregulation, Monetary Policy, and Central Banking (excerpts)

145

(24)

Marvin Goodfriend

Robert G. King

Lender of Last Resort: A Contemporary Perspective

169

(18)

George G. Kaufman

The Bagehot Problem

187

(14)

Fred Hirsch

On the Lender of Last Resort

201

(12)

Robert M. Solow

Financial Crises, Payment System Problems, and Discount Window Lending (excerpts)

213

(14)

Mark J. Flannery

Myths about the Lender of Last Resort

227

(22)

Charles Goodhart

PART III. BANK RUNS AND CONTAGION

Systemic Risk in Banking: A Survey

249

(50)

Olivier De Bandt

Philipp Hartmann

Bank Runs, Deposit Insurance, and Liquidity

299

(16)

Douglas W. Diamond

Philip H. Dybvig

Optimal Currency Crises

315

(44)

Franklin Allen

Douglas Gale

Banking Panics: The Role of the First-Come, First-Served Rule and Information Externalities

359

(20)

Yehning Chen

Financial Contagion

379

(28)

Franklin Allen

Douglas Gale

Systemic Risk, Interbank Relations, and Liquidity Provision by the Central Bank

407

(30)

Xavier Freixas

Bruno M. Parigi

Jean-Charles Rochet

PART IV. AN INTERNATIONAL LENDER OF LAST RESORT?

Can there be an International Lender-of Last-Resort?

437

(12)

Forrest Capie

Earmarks of a Lender of Last Resort

449

(12)

Anna J. Schwartz

Meltzer Report of the International Financial Institution Advisory Committee, March 2000 (excerpts from Chapter 2)

461

(10)

The Asian Crisis: Lessons for Crisis Management and Prevention

471

(20)

Richard Brealey

On the Need for an International Lender of Last Resort

491

(20)

Stanley Fischer

Pitfalls in International Crisis Lending

511

(36)

Curzio Giannini

Index

547

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

Summary

Author Biography

Table of Contents

Supplemental Materials