"From 1716 to 1845, the Scottish financial system functioned with no official central bank or lender of last resort, no … public (or private) monopoly on currency issuance, no legal reserve requirements, and no formal limits on bank size. In … noteholders through disorderly bank runs, suspensions of payment, and institutional liquidation. Unlimited liability on the part …

responses : benign neglect, exhortation, and bank holidays -- The domestic lender of last resort -- The international lender of …