In this paper we trace the evolution of the lender of last resort doctrine - and its implementation - from the nineteenth century through the panic of 2008. We find that typically the most influential economists "fight the last war" formulating policy guidelines that would have dealt effectively...

In this paper we trace the evolution of the lender of last resort doctrine—and its implementation—from the nineteenth century through the panic of 2008. We find that typically the most influential economists “fight the last war”: formulating policy guidelines that would have dealt...

In this paper we trace the evolution of the lender of last resort doctrine--and its implementation--from the nineteenth century through the panic of 2008. We find that typically the most influential economists "fight the last war": formulating policy guidelines that would have dealt effectively...

Although funding infrastructure has always been a challenging issue in any country and at any time, the topic is still largely unexplored. A European history of infrastructure financing over the long term does not yet exist, and the purpose of this book is to partially fill that gap. It explores...