Matches in SemOpenAlex for { <https://semopenalex.org/work/W2324472205> ?p ?o ?g. }
Showing items 1 to 42 of
42
with 100 items per page.
- W2324472205 endingPage "80" @default.
- W2324472205 startingPage "80" @default.
- W2324472205 abstract "Few economic works have stood the test of time as well as Walter Bagehot's Lombard Street, published in 1873. Bagehot appealed to experience rather than to logic to support his view that the Bank of England should hold the country's ultimate banking reserves, and should stand as a lender of last resort in time of crisis. His general philosophy is epitomized in the words of the concluding chapter: A system of credit which has slowly grown up as years went on, which has suited itself to the course of business, which has forced itself on the habits of men, will not be altered because theorists disapprove of it, or because books are written against it.'' Yet Bagehot was badly confused in his account of the principal historical case-the panic of 1825-on which he built his argument. He attributed to the panic weeks of December, 1825, events which happened nearly three months later. To my knowledge no correction appears in any of the twenty or more editions of Lombard Street published since 1873, nor has any reference to Bagehot's mistake been made in the many commentaries on his book. So it would seem in order to set the record straight on this historic episode in the history of central banking. In December, 1825, following three years of credit expansion by the Bank of England and an alarming decline in the Bank's reserves beginning late in 1824, England suffered a major financial crisis. Six London banks, including Pole Thornton & Company, of which Henry Sykes Thornton, the son of Henry Thornton, was a partner, closed their doors, as did some sixty country banks. In the face of panic demands the solvency of many other banks and merchants was threatened because they could not turn sound assets into cash. The Bank of England, although at first loath to change its conventional practices, under Government urging expanded credit on an unprecedented scale and the panic passed. Bagehot quoted approvingly (pp. 51-52) the statement of Jeremiah Harman, a former Governor, and Director during the crisis, before the Bank Charter Committee of 1832:" @default.
- W2324472205 created "2016-06-24" @default.
- W2324472205 creator A5080577749 @default.
- W2324472205 date "1967-02-01" @default.
- W2324472205 modified "2023-10-18" @default.
- W2324472205 title "A Historical Confusion in Bagehot's Lombard Street" @default.
- W2324472205 doi "https://doi.org/10.2307/2552518" @default.
- W2324472205 hasPublicationYear "1967" @default.
- W2324472205 type Work @default.
- W2324472205 sameAs 2324472205 @default.
- W2324472205 citedByCount "4" @default.
- W2324472205 countsByYear W23244722052015 @default.
- W2324472205 countsByYear W23244722052018 @default.
- W2324472205 crossrefType "journal-article" @default.
- W2324472205 hasAuthorship W2324472205A5080577749 @default.
- W2324472205 hasConcept C11171543 @default.
- W2324472205 hasConcept C15744967 @default.
- W2324472205 hasConcept C2781140086 @default.
- W2324472205 hasConceptScore W2324472205C11171543 @default.
- W2324472205 hasConceptScore W2324472205C15744967 @default.
- W2324472205 hasConceptScore W2324472205C2781140086 @default.
- W2324472205 hasIssue "133" @default.
- W2324472205 hasLocation W23244722051 @default.
- W2324472205 hasOpenAccess W2324472205 @default.
- W2324472205 hasPrimaryLocation W23244722051 @default.
- W2324472205 hasRelatedWork W2004845836 @default.
- W2324472205 hasRelatedWork W2025441438 @default.
- W2324472205 hasRelatedWork W2049289069 @default.
- W2324472205 hasRelatedWork W2065852351 @default.
- W2324472205 hasRelatedWork W2067843453 @default.
- W2324472205 hasRelatedWork W22673977 @default.
- W2324472205 hasRelatedWork W2392692716 @default.
- W2324472205 hasRelatedWork W2407837381 @default.
- W2324472205 hasRelatedWork W2734065904 @default.
- W2324472205 hasRelatedWork W4239320552 @default.
- W2324472205 hasVolume "34" @default.
- W2324472205 isParatext "false" @default.
- W2324472205 isRetracted "false" @default.
- W2324472205 magId "2324472205" @default.
- W2324472205 workType "article" @default.