Journal ArticleDOI
An Inquiry into the Nature and Effects of the Paper Credit of Great Britain
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This article is published in The Economic Journal.The article was published on 1940-02-01. It has received 481 citations till now.read more
Citations
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Journal ArticleDOI
Understanding the Soft Budget Constraint
TL;DR: In this paper, a clarification of the notion of a soft budget constraint, a concept widely used in the analysis of socialist, transitional, and market economies, is proposed and a classification of their causes and consequences is provided.
Posted Content
Coordination Failures and the Lender of Last Resort: Was Bagehot Right After All?
TL;DR: In this article, the authors provide a theoretical foundation for rescuing Bagehot's view and derive policy implications about banking regulation (solvency and liquidity ratios) and interventions of the Lender of Last Resort as well as on the disclosure policy of the Central Bank.
Journal ArticleDOI
A history of the federal reserve
Allan H Meltzer,Charles Goodhart +1 more
TL;DR: M Meltzer's critically acclaimed history of the Federal Reserve is the most ambitious, most intensive, and most revealing investigation of the subject ever conducted as discussed by the authors, spanning the period from the institution's founding in 1913 to the restoration of its independence in 1951, revealing the inner workings of the Fed during a period of rapid and extensive change.
Book
On the Need for an International Lender of Last Resort
TL;DR: The frequency, virulence, and global spread of financial crises in emerging market countries in the last five years have led to the most serious rethinking of the structure of the international financial system since the breakdown of the Bretton Woods system in 1971 as mentioned in this paper.
Journal ArticleDOI
Financial Stability, the Trilemma, and International Reserves
TL;DR: In this paper, the authors suggest that a model based on financial stability and financial openness goes far toward explaining reserve holdings in the modern era of globalized capital markets and suggest that the size of domestic financial liabilities that could potentially be converted into foreign currency (M2), financial openness, the ability to access foreign currency through debt markets, and exchange rate policy are all significant predictors of reserve stocks.
References
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Journal ArticleDOI
Understanding the Soft Budget Constraint
TL;DR: In this paper, a clarification of the notion of a soft budget constraint, a concept widely used in the analysis of socialist, transitional, and market economies, is proposed and a classification of their causes and consequences is provided.
Posted Content
Coordination Failures and the Lender of Last Resort: Was Bagehot Right After All?
TL;DR: In this article, the authors provide a theoretical foundation for rescuing Bagehot's view and derive policy implications about banking regulation (solvency and liquidity ratios) and interventions of the Lender of Last Resort as well as on the disclosure policy of the Central Bank.
Journal ArticleDOI
A history of the federal reserve
Allan H Meltzer,Charles Goodhart +1 more
TL;DR: M Meltzer's critically acclaimed history of the Federal Reserve is the most ambitious, most intensive, and most revealing investigation of the subject ever conducted as discussed by the authors, spanning the period from the institution's founding in 1913 to the restoration of its independence in 1951, revealing the inner workings of the Fed during a period of rapid and extensive change.
Book
On the Need for an International Lender of Last Resort
TL;DR: The frequency, virulence, and global spread of financial crises in emerging market countries in the last five years have led to the most serious rethinking of the structure of the international financial system since the breakdown of the Bretton Woods system in 1971 as mentioned in this paper.
Journal ArticleDOI
Should the Functions of Monetary Policy and Banking Supervision be Separated
TL;DR: In this paper, the authors examined empirically which regime (combined or separated) is less prone to bank failures and concluded that the regime with the minimum number of banking problems is not necessarily the most efficient in welfare terms.
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