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 :...

This study assesses the European Central Bank’s (ECB) crisis management performance and potential for crisis resolution. The study investigates the institutional and functional constraints that delineate the ECB’s scope for policy action under crisis conditions, and how the bank has actually...

The collapse of Overend Gurney and the ensuing Crisis of 1866 was a turning point in British financial history. The achievement of relative stability was due to the Bank of Englandś willingness to offer generous assistance to the market in a crisis, combined with an elaborate system for...