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R. G. Hawtrey on the National and International Lender of Last Resort

de Boyer des Roches, Jérôme; Solis Rosales, Ricardo (2011), R. G. Hawtrey on the National and International Lender of Last Resort, European Journal of the History of Economic Thought, 18, 2, p. 175-202. http://dx.doi.org/10.1080/09672567.2011.564788

Type
Article accepté pour publication ou publié
Date
2011
Journal name
European Journal of the History of Economic Thought
Volume
18
Number
2
Publisher
Routledge Taylor and Francis Group
Pages
175-202
Publication identifier
http://dx.doi.org/10.1080/09672567.2011.564788
Metadata
Show full item record
Author(s)
de Boyer des Roches, Jérôme
Solis Rosales, Ricardo
Abstract (EN)
This paper traces R. G. Hawtrey’s main contributions to the theory of the lender of last resort national both (LLR) and international (ILLR). This theory is a continuation of one of the traditions of the classical period, started by Henry Thornton (1802) , that differs in important points from Walter Bagehot’s (1873) . (Cf. Laidler 2003 et de Boyer and Solis 2003). In their treatment of the classical concepts the authors partly depart from the interpretation of Thomas M. Humphrey (1975, 1984, 1989 and 1992) who considers that Thornton and Bagehot have basically the same approach about LLR. Hawtrey renewed Thonton’s views extending the concepts to new problems, including the ILLR. Hawtrey built a model of LLR in a dynamic macroeconomic model that includes the Cambridge market for cash balance and it introduces the bases of a theory of ILLR, describing the sequence of twin crisis, exchange and banking crisis, thus explaining the difficulties for an ILLR to act on the currency market without taking the risks involved, in a situation completely different to the one faced on the money market by the national LLR.
Subjects / Keywords
Lender of last resort; Central bank; Bagehot; Hawtrey; Money market; Market for cash balance; Credit; International lender of last resort
JEL
F3 - International Finance
E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit
B22 - Macroeconomics

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