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The New Lombard Street: How the Fed Became the Dealer of Last Resort

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Walter Bagehot's Lombard Street , published in 1873 in the wake of a devastating London bank collapse, explained in clear and straightforward terms why central banks must serve as the lender of last resort to ensure liquidity in a faltering credit system. Bagehot's book set down the principles that helped define the role of modern central banks, particularly in times of crisis--but the recent global financial meltdown has posed unforeseen challenges. The New Lombard Street lays out the innovative principles needed to ...

The New Lombard Street: How the Fed Became the Dealer of Last Resort 2010, Princeton University Press, Princeton, NJ

ISBN-13: 9780691143989

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