Bộ sách luyện thi ETS 2023 LC&RC
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Walter Bagehot's Lombard Street, published in 1873
in the wake of a devastating London bank collapse, explained in clear
and straightforward terms why central banks must serve as the lender of
last resort to ensure liquidity in a faltering credit system. Bagehot's
book set down the principles that helped define the role of modern
central banks, particularly in times of crisis--but the recent global
financial meltdown has posed unforeseen challenges. The New Lombard
Street lays out the innovative principles needed to address the
instability of today's markets and to rebuild our financial system.
Revealing how we arrived at the current crisis, Perry Mehrling traces
the evolution of ideas and institutions in the American banking system
since the establishment of the Federal Reserve in 1913. He explains how
the Fed took classic central banking wisdom from Britain and Europe and
adapted it to America's unique and considerably more volatile financial
conditions. Mehrling demonstrates how the Fed increasingly found itself
serving as the dealer of last resort to ensure the liquidity of
securities markets--most dramatically amid the recent financial crisis.
Now, as fallout from the crisis forces the Fed to adapt in unprecedented
ways, new principles are needed to guide it. In The New Lombard Street,
Mehrling persuasively argues for a return to the classic central
bankers' "money view," which looks to the money market to assess risk
and restore faith in our financial system.
Thể loại:Business & Economics - Mathematical Economics
Năm:2010
Nhà xuát bản:Princeton University Press
Ngôn ngữ:english
Trang:147
