The New Lombard Street : How the Fed Became the Dealer of Last Resort / Perry Mehrling.

Format:

Book

Author/Creator:

Mehrling, Perry, author.

Language:

English

Subjects (All):

Finance--United States.

Finance.

Monetary policy--United States.

Monetary policy.

Banks and banking, Central--United States--History.

Banks and banking, Central.

Federal Reserve banks--History.

Federal Reserve banks.

United States--Economic policy.

United States.

Genre:

Electronic books.

Physical Description:

1 online resource (189 p.)

Place of Publication:

Princeton, NJ : Princeton University Press, [2010]

Language Note:

English

Summary:

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.

Contents:

Frontmatter

Contents

Acknowledgments

Introduction

One. Lombard Street, Old and New

Two. Origins of the Present System

Three. The Age of Management

Four. The Art of the Swap

Five. What Do Dealers Do?

Six. Learning from the Crisis

Conclusion

Notes

References

Index

Notes:

Description based upon print version of record.

Includes bibliographical references (p. [149]-157) and index.

Description based on online resource; title from PDF title page (publisher's Web site, viewed 23. Mai 2019)

ISBN:

9786612864797

9781282864795

1282864793

9781400836260

1400836263

OCLC:

681912065