Central bank lender of last resort (LOLR) regimes are the last line of defence before governments are forced to resort to taxpayer-funded bailouts of the financial system. Yet despite this important role, along with a rich theoretical literature examining the function and design of LOLR regimes,...

One of the most critical and debated issues about the functioning of the classical gold standard is the issue of asymmetries in balance of payments adjustment. London is believed to be by several authors the 'conductor of the international orchestra' (Keynes, 1913, p. 19). This view implies a...