de Boyer des Roches, Jérôme - Université Paris-Dauphine (Paris IX) - 2013
By granting credit and issuing money, banks take a liquidity risk that is to say the risk of being unable to reimburse … John Law and up to Walter Bagehot. First, according to Law (1703) and Steuart (1767), the distinction between money of … account (the pound sterling) and money of payment (the guinea) may induce a bank run. Second, according to Cantillon (1730 …