The specificity of the current crisis / Alexandre Lamfalussy -- Causes, effets et leçons de la crise financière / Jean De Ruyt -- La crise financière de 2008 : une perspective historique / Youssef Cassis -- La faute à Voltaire ou à Rousseau? : la responsabilité des banques et des...

In this paper we trace the evolution of the lender of last resort doctrine - and its implementation - from the nineteenth century through the panic of 2008. We find that typically the most influential economists "fight the last war" formulating policy guidelines that would have dealt effectively...

Foreword -- Robert M. Solow -- Introduction -- Financial crises: a hardy perennial -- The anatomy of a typical crisis -- Speculative manias -- Fueling the flames : the expansion of credit -- The critical stage : when the bubble is about to pop -- Euphoria and paper wealth -- Bernie madoff :...