Lombard Street¶
Bagehot, W. (1873). Lombard Street: A Description of the Money Market.
Cited by¶
1 citation across 1 artifact.
Each citation links to the sentence it supports in the citing article.
Primes¶
- Liquidity
- Bagehot (1873), in Lombard Street, articulated this insight at the level of the monetary system itself, arguing that a central bank in a panic should "lend freely, at a high rate, against good collateral"—a doctrine that explicitly treats liquidity (not solvency) as the binding constraint on whether possessed assets can be converted into usable purchasing power.
This sourceTreats liquidity (not solvency) as the binding constraint on whether possessed assets can be converted into usable purchasing power during financial stress.
Supported in partVerified against the work's full text
Confirms Bagehot's doctrine that the Bank must hold a reserve against panic and use it effectually when panic comes, but the fetched text does not carry the quoted formula or the liquidity-not-solvency framing.
“But, as has been explained, the Bank of England is bound, according to our system, not only to keep a good reserve against a time of panic, but to use that reserve effectually when that time of panic comes.”
- Bagehot (1873), in Lombard Street, articulated this insight at the level of the monetary system itself, arguing that a central bank in a panic should "lend freely, at a high rate, against good collateral"—a doctrine that explicitly treats liquidity (not solvency) as the binding constraint on whether possessed assets can be converted into usable purchasing power.
Verification¶
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Registry ID ref:824ac9d4bd7b · see in the full table