Bagehot in the beginning
The Bank of England's lender-of-last-resort support followed Walter Bagehot's famous dictum before the publication of Lombard Street, research published by Norges Bank finds.
Bagehot, an economist, wrote in Lombard Street, published in 1873, that in times of crisis central banks should lend extensively against good collateral and at a high rate of interest.
The research finds that the Bank of England's lender-of-last-resort support was already a fact of life by the time of Lombard Street's
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