Moen, Jon R.; Rodgers, Mary Tone - In: Essays in economic & business history : the journal of … 40 (2022), pp. 156-187
The actions taken by J. P. Morgan during the Panic of 1907 reveal how a skilled leader can dominate those of formal … institutions during the resolution of a financial crisis. First, we examine how Morgan coordinated emergency liquidity infusions … during the Panic in the absence of a formal lender of last resort (LOLR). Morgan's Syndicate Books provide evidence that all …