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The actions taken by J. P. Morgan during the Panic of 1907 reveal how a skilled leader can dominate those of formal … during the Panic in the absence of a formal lender of last resort (LOLR). Morgan's Syndicate Books provide evidence that all … distinguishable effect during the Panic on the prices of bonds underwritten by his syndicates. We find that during the Panic bond …
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This paper analyses the issue of the dynamics of the TARGET2 system balances during the sovereign debt crisis, when some countries registered a decisive inflow of the central bank liquidity and others showed an outflow. The dynamics in the TARGET2 are here explained as being due to a fall in the...
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This paper provides an introduction to the special issue on international lending of last resort. Starting from debates about rescue operations and unconventional policies of major central banks in the contexts of the Global Financial Crisis and the European Debt Crisis, it draws attention to...
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The Latin Monetary Union (hereafter LMU) was established in 1865 between France, Italy, Belgium and Switzerland. The agreement provided for the adoption of a common monetary base consisting of specie, and the adoption of the free circulation of gold and silver coins among them, whatever the...
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