Hautcoeur, Pierre-Cyrille; Riva, Angelo; White, Eugene N. - In: Journal of Monetary Economics 65 (2014) C, pp. 104-119
When faced with a run on a “systemically important” but insolvent bank in 1889, the Banque de France pre-emptively organized a lifeboat to ensure that depositors were protected and an orderly liquidation could proceed. To protect the Banque from losses on its lifeboat loan, a guarantee...
