A proper understanding of the term lender-of-last-resort shows that there can be no international version. After outlining the nature of financial crises, the lender-of-last-resort is defined, and its origins traced in the history of thought and in British experience in the nineteenth century. A...

Price controls are a very old means of trying to contain inflation. In Britain they were used in the Second World War and again in the 1960s. On the first occasion they seemed to work quite well though there were other factors involved--notably rationing. The second episode was not successful....

This paper investigates the views of electronic money operators and innovators on the possibilities and implications of e-money, especially with respect to replacing central bank money as well as technical issues regarding e-money, its implications for the financial industry and central banking....